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Openingrangebreakout

Negroni Opening Range StrategyStrategy Summary: This tool can be used to help identify breakouts from a range during a time-zone of your choosing. It plots a pre-market range, an opening range, it also includes moving average levels that can be used as confluence, as well as plotting previous day SESSION highs and lows. There are several options on how you wish to close out the trades, all described in more detail below. Back-testing Inputs: You define your timezone. You define how many trades to open on any given day. You decide to go: long only, short only, or long & short (CAREFUL: "Long & Short" can open trades that effectively closes-out existing ones, for better AND worse!) You define between which times the strategy will open trades. You define when it closes any open trades (preventing overnight trades, or leaving trades open into US data times!!). This hopefully helps make back-testing reflect YOUR trading hours. NOTE: Renko or Heikin-Ashi charts For ALL strategies, don’t use Renko or Heikin-Ashi charts unless you know EXACTLY the implications. Specific to my strategy, using a renko chart can make this 85-90% profitable (I wish it was!!) Although they can be useful, renko charts don’t always capture real wicks, so the renko chart may show your trade up-only but your broker (who is not using renko!!) will have likely stopped you out on a wick somewhere along the line. NOTE: TradingView ‘Deep backtesting’ For ALL strategies, be cynical of all backtesting (e.g. repainting issues etc) as well as ‘Deep backtesting’ results. Specific to this strategy, the default settings here SHOULD BE OK, but unfortunately at the time of writing, we can’t see on the chart what exactly ‘deep backtesting’ is calculating. In the past I have noted a number of trades that were not closed at the end of the day, despite my ‘end of day’ trade closing being enabled, so there were big winners and losers that would not have materialized otherwise. As I say, this seems ok at these settings but just always be cynical!! Opening Range Inputs You define a pre-market range (example: 08:00 - 09:00). You define an opening range (example: 09:00 - 09:30). The strategy will give an update at the close of the opening range to let you know if the opening range has broken out the pre-market range (OR Breakout), or if it has remained inside (OR Inside). The label appears at the end of the opening range NOT at the bar that ‘broke-out’. This is just a visual cue for you, it has no bearing on what the strategy will do. The strategy default will trade off the pre-market range, but you can untick this if you prefer to trade off the opening range. Opening Trades: Strategy goes long when the bar (CLOSE) crosses-over the ‘pre-market’ high (not the ‘opening range’ high); and the time is within your trading session, and you have not maxed out your number of trades for the day! Strategy goes short when the bar (CLOSE) crosses-under the ‘pre-market’ low (not the ‘opening range low); and the time is within your trading session, and you have not maxed out your number of trades for the day! Remember, you can untick this if you prefer to trade off the opening range instead. NOTES: Using momentum indicators can help (RSI and MACD): especially to trade range plays in failed breakouts, when momentum shifts… but the strategy won’t do this for you! Using an anchored vwap at the session open can also provide nice confluence, as well as take-profit levels at the upper/lower of 3x standard deviation. CLOSING TRADES: You have 6 take-profit (TP) options: 1) Full TP: uses ATR Multiplier - Full TP at the ATR parameters as defined in inputs. 2) Take Partial profits: ATR Multiplier - Takes partial profits based on parameters as defined in inputs (i.e close 40% of original trade at TP1, close another 40% of original trade at TP2, then the remainder at Full TP as set in option 1.). 3) Full TP: Trailing Stop - Applies a Trailing Stop at the number of points, as defined in inputs. 4) Full TP: MA cross - Takes profit when price crosses ‘Trend MA’ as defined in inputs. 5) Scalp: Points - closes at a set number of points, as defined in inputs. 6) Full TP: PMKT Multiplier - places a SL at opposite pre-market Hi/Low (we go long at a break-out of the pre-market high, 50% would place a SL at the pre-market range mid-point; 100% would place a SL at the pre-market low)'. This takes profit at the input set in option 1).
Pine Script™ strategy
by RoyalNegroni
1
Timely Opening Range Breakout Strategy [TORB] (Zeiierman)█ Overview The Timely Opening Range Breakout (TORB) indicator builds upon the classic Open Range Breakout (ORB) concept. The ORB strategy is a popular trading setup used to identify trades around the opening range of an asset. It's based on the idea that the first few minutes (15-60 minutes) of trading often set the tone for the rest of the day, with breakouts above or below the opening range signifying potential trends. TORB refines the concept by stating that a trade is only valid if there is sufficient market activity. This means a breakout beyond the upper or lower range is only of interest during the most active trading hours, as defined by PMMV (Per-Minute Mean Volume) █ How It Works ORB The indicator works by first defining a session's opening range based on user-specified settings, including the session's start and end times and the applicable time zone. During this session, it calculates the high and low price points, which form the basis for identifying potential breakout levels. PMMV PMMV (Per-Minute Mean Volume) provides a snapshot of the market's activity level at each minute of the trading day. PMMV is calculated by averaging the trading volume in a one-minute interval over a specified number of trading days. This script uses the average volume over the last N periods to determine the PMMV value. This average volume provides a smoother representation of volume activity compared to using a single volume value. It considers the volume over a broader timeframe, filtering out short-term fluctuations and potentially offering a more reliable indicator of underlying market activity. TORB TORB works by integrating the Opening Range Breakout (ORB) highs and lows with the Per-Minute Mean Volume (PMMV) metric to assess the validity of breakouts. The objective is to identify breakouts from the opening high and low levels during periods of heightened market activity, as indicated by PMMV. █ How to Use To effectively utilize the Timely Opening Range Breakout (TORB) strategy, follow these steps: Identify Active Hours: Employ PMMV to pinpoint periods of peak activity within the trading day. Apply Basic ORB Rules: If the price surpasses the upper range (resistance), buy; if it breaches the lower range (support), sell. Breakouts The TORB strategy identifies breakout signals when the price moves beyond the established range, supported by volume exceeding a set threshold. This technique aims to eliminate false signals, focusing on price movements during high market activity. █ Settings Session Trading Session: Customize the trading session's start and end times. Volume Volume analysis is integral to the TORB strategy, as it uses volume data to confirm the strength and validity of breakout signals. Period: Sets the number of periods (or bars) to calculate the average volume, which is then used to assess market activity level. Sensitivity and Significance: Adjusts how responsive the volume analysis is to changes in trading volume. By adjusting the sensitivity, traders can decide how much emphasis to place on volume spikes, potentially reducing false breakouts and focusing on those supported by significant trading activity. Breakout Threshold This setting establishes a criterion to identify when the price movement is significant enough. Threshold: Traders set a threshold level to identify high market activity. If the PMMV is greater than or equal to this threshold, it indicates significant market activity. Setting the correct threshold is key to balancing sensitivity and specificity. Too low of a threshold may lead to many false positives, while too high of a threshold might filter out potentially profitable breakouts. This setting helps in pinpointing when market activity indicates a strong move, thereby aligning trade entries with moments of heightened market momentum. ----------------- Disclaimer The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
Pine Script™ indicator
by Zeiierman
8
ORB Algo | Flux Charts💎 GENERAL OVERVIEW Introducing our new ORB Algo indicator! ORB stands for "Opening Range Breakout" which is a common trading strategy. The indicator can analyze the market trend in the current session and give "Buy / Sell", "Take Profit" and "Stop Loss" signals. For more information about the analyzing process of the indicator, you can read "How Does It Work ?" section of the description. Features of the new ORB Algo indicator : Buy & Sell Signals Up To 3 Take Profit Signals Stop-Loss Signals Alerts for Buy / Sell, Take-Profit and Stop-Loss Customizable Algoritm Session Dashboard Backtesting Dashboard 📌 HOW DOES IT WORK ? This indicator works best in 1-minute timeframe. The idea is that the trend of the current session can be forecasted by analyzing the market for a while after the session starts. However, each market has it's own dynamics and the algorithm will need fine-tuning to get the best performance possible. So, we've implemented a "Backtesting Dashboard" that shows the past performance of the algorithm in the current ticker with your current settings. Always keep in mind that past performance does not guarantee future results. Here are the steps of the algorithm explained briefly : 1. The algorithm follows and analyzes the first 30 minutes (can be adjusted) of the session. 2. Then, algorithm checks for breakouts of the opening range's high or low. 3. If a breakout happens in a bullish or a bearish direction, the algorithm will now check for retests of the breakout. Depending on the sensitivity setting, there must be 0 / 1 / 2 / 3 failed retests for the breakout to be considered as reliable. 4. If the breakout is reliable, the algorithm will give an entry signal. 5. After the position entry, algorithm will now wait for Take-Profit or Stop-Loss zones and signal if any of them occur. If you wonder how does the indicator find Take-Profit & Stop-Loss zones, you can check the "Settings" section of the description. 🚩UNIQUENESS While there are indicators that show the opening range of the session, they come short with features like indicating breakouts, entries, and Take-Profit & Stop-Loss zones. We are also aware of that different stock markets have different dynamics, and tuning the algorithm for different markets is really important for better results, so we decided to make the algorithm fully customizable. Besides all that, our indicator contains a detailed backtesting dashboard, so you can see past performance of the algorithm in the current ticker. While past performance does not yield any guarantee for future results, we believe that a backtesting dashboard is necessary for tuning the algorithm. Another strength of this indicator is that there are multiple options for detection of Take-Profit and Stop-Loss zones, which the trader can select one of their liking. ⚙️SETTINGS Keep in mind that best chart timeframe for this indicator to work is the 1-minute timeframe. TP = Take-Profit SL = Stop-Loss EMA = Exponential Moving Average OR = Opening Range ATR = Average True Range 1. Algorithm ORB Timeframe -> This setting determines the timeframe that the algorithm will analyze the market after a new session begins before giving any signals. It's important to experiment with this setting and find the best option that suits the current ticker for the best performance. More volatile stocks will often require this setting to be larger, while more stabilized stocks may have this setting shorter. Sensitivity -> This setting determines how much failed retests are needed to take a position entry. Higher senstivity means that less retests are needed to consider the breakout as reliable. If you think that the current ticker makes strong movements in a bullish & bearish direction after a breakout, you should set this setting higher. If you think the opposite, meaning that the ticker does not decide the trend right after a breakout, this setting show be lower. (High = 0 Retests, Medium = 1 Retest, Low = 2 Retests, Lowest = 3 Retests) Breakout Condition -> The condition for the algorithm to detect breakouts. Close = Bar needs to close higher than the OR High Line in a bullish breakout, or lower than the OR Low Line in a bearish breakout. EMA = The EMA of the bar must be higher / lower than OR Lines instead of the close price. TP Method -> The method for the algorithm to use when determining TP zones. Dynamic = This TP method essentially tries to find the bar that price starts declining the current trend and going to the other direction, and puts a TP zone there. To achieve this, it uses an EMA line, and when the close price of a bar crosses the EMA line, It's a TP spot. ATR = In this TP method, instead of a dynamic approach the TP zones are pre-determined using the ATR of the entry bar. This option is generally for traders who just want to know their TP spots beforehand while trading. Selecting this option will also show TP zones at the ORB Dashboard. "Dynamic" option generally performs better, while the "ATR" method is safer to use. EMA Length -> This setting determines the length of the EMA line used in "Dynamic TP method" and "EMA Breakout Condition". This is completely up to the trader's choice, though the default option should generally perform well. You might want to experiment with this setting and find the optimal length for the current ticker. Stop-Loss -> Algorithm will place the Stop-Loss zone using setting. Safer = The SL zone will be placed closer to the OR High for a bullish entry, and closer to the OR Low for a bearish entry. Balanced = The SL zone will be placed in the center of OR High & OR Low Risky = The SL zone will be placed closer to the OR Low for a bullish entry, and closer to the OR High for a bearish entry. Adaptive SL -> This option only takes effect if the first TP zone is hit. Enabled = After the 1st TP zone is hit, the SL zone will be moved to the entry price, essentially making the position risk-free. Disabled = The SL zone will never change. 2. ORB Dashboard ORB Dashboard shows the information about the current session. 3. ORB Backtesting ORB Backtesting Dashboard allows you to see past performance of the algorithm in the current ticker with current settings. Total amount of days that can be backtested depends on your TV subscription. Backtesting Exit Ratios -> You can select how much of percent your entry will be closed at any TP zone while backtesting. For example, %90, %5, %5 means that %90 of the position will be closed at the first TP zone, %5 of it will be closed at the 2nd TP zone, and %5 of it will be closed at the last TP zone.
Pine Script™ indicator
by fluxchart
56
Opening Range & Prior Day High/Low [Gorb]Introduction: Opening Range & Prior Day High/Low indicator is an easy to use day traders tool. This indicator automatically plots the previous days high and low, as well as drawing a box from the opening range that the user specifies in the settings. These two together can help provide an indication of market sentiment and price trends for the day. They are often used as a trading strategy for day traders. Overview: The Opening Range , draws a box from the high to the low of the user defined time period and is extended until the end of the trading session. Most common are the 5/15/30min opening ranges. Prior Day High/Low , draws lines from the previous days high and low that extend across the current session. These are used as support/resistance and also a marker to see market sentiment by crossing one of these levels. The indicator is designed for all kinds of traders, offering a simple approach to automatically plot levels for you. Features: All skill-level friendly presets, easy to enable with one-click Opening Range: Allows user to choose what time the range starts and ends to measure the high & low. Extend Range Lines: allows the user to choose when the box stops extending according to the trading session time. Enable Opening Range Box: allows the user to choose to plot the opening range or not. ORB Border Color: allows the user to change the box border color. ORB Box Shade Color: allows the user to change the background of the opening range box. ORB Line Width: allows users to chose the width of the opening range box lines. Enable Previous Day High: allows users to enable the previous days high to be plotted. Enable Previous Day Low: allows users to enable the previous days high to be plotted. Previous Day High Color: allows users to choose the color for this line. Previous Day Low Color: allows users to choose the color for this line. All colors are changeable for the user to customize to their liking. Usage Demonstration In the image below, we can see a basic example of how these 3 features function. As explained above, the opening range is customizable to meet the users needs and can be disabled with one click. Same goes for the prior day high(green) and low(red) lines. All 3 are plotted each day automatically for the user if enabled. In the image below, we can see an example of using the opening range break and prior day high together for a trading strategy. This is a great example of using the prior day high with the opening range to use as a day trading strategy. It provides the trader with levels to watch for price to break out from for possible trade setups. In this next image, we can see a failed breakdown from the opening range that results in a bullish breakout. The first move was a fake breakdown with the failed rejection on the retest of the opening range lows. This led to a breakout above the range and a confirmation bounce on the breakout retest. Price did break above the prior day high and confirmed with a retest bounce on that level as well. In the image below, we can see how previous days levels can act as resistance to use with the opening range. Price didn't reject the opening range low, but it did reject the prior day high for the second time. This could be used as an entry or once price breaks down out of the opening range again. Conclusion: We believe in providing user-friendly tools to help speed up traders technical analysis and implement easy trading strategies. The goal is to provide a user-friendly indicator to automatically draw opening ranges and previous days levels to suit the users needs and trading style. RISK DISCLAIMER All content, tools, scripts & education provided by Monstanzer or Gorb Algo LLC are for informational & educational purposes only. Trading is risk and most lose their money, past performance does not guarantee future results.
Pine Script™ indicator
by GorbAlgo
7
Long-Only Opening Range Breakout (ORB) with Pivot PointsIntraday Trading Strategy: Long-Only Opening Range Breakout (ORB) with Pivot Points Background: Opening Range Breakout (ORB) is a popular long-only trading strategy that capitalizes on the early morning volatility in financial markets. It's based on the idea that the initial price movements during the first few minutes or hours of the trading day can set the tone for the rest of the session. The strategy involves identifying a price range within which the asset trades during the opening period and then taking long positions when the price breaks out to the upside of this range. Pivot Points are a widely used technical indicator in trading. They represent potential support and resistance levels based on the previous day's price action. Pivot points are calculated using the previous day's high, low, and close prices and can help traders identify key price levels for making trading decisions. How to Use the Script: Initialization: This script is written in Pine Script, a domain-specific language for trading strategies on the TradingView platform. To use this script, you need to have access to TradingView. Apply the Script: You can do this by adding it to your favorites, then selecting the script in the indicators list under favorites or by searching for it by name under community scripts. Customize Settings: The script allows you to customize various settings through the TradingView interface. These settings include: Opening Session: You can set the time frame for the opening session. Max Trades per Day: Specify the maximum number of long trades allowed per trading day. Initial Stop Loss Type: Choose between using a percentage-based stop loss or the previous candles low for stop loss calculations. Stop Loss Percentage: If you select the percentage-based stop loss, specify the percentage of the entry price for the stop loss. Backtesting Start and End Time: Set the time frame for backtesting the strategy. Strategy Signals: The script will display pivot points in blue (R1, R2, R3, R4, R5) and half-pivot points in gray (R0.5, R1.5, R2.5, R3.5, R4.5) on your chart. The green line represents the opening range. The script generates long (buy) signals based on specific conditions: ---The open price is below the opening range high (h). ---The current high price is above the opening range high. ---Pivot point R1 is above the opening range high. ---It's a long-only strategy designed to capture upside breakouts. ---It also respects the maximum number of long trades per day. The script manages long positions, calculates stop losses, and adjusts long positions according to the defined rules. Trailing Stop Mechanism The script incorporates a dynamic trailing stop mechanism designed to protect and maximize profits for long positions. Here's how it works: 1. Initialization: The script allows you to choose between two types of initial stop loss: ---Percentage-based: This option sets the initial stop loss as a percentage of the entry price. ---Previous day's low: This option sets the initial stop loss at the previous day's low. 2. Setting the Initial Stop Loss (`sl_long0`): The initial stop loss (`sl_long0`) is calculated based on the chosen method: ---If "Percentage" is selected, it calculates the stop loss as a percentage of the entry price. ---If "Previous Low" is selected, it sets the stop loss at the previous day's low. 3. Dynamic Trailing Stop (`trail_long`): The script then monitors price movements and uses a dynamic trailing stop mechanism (`trail_long`) to adjust the stop loss level for long positions. If the current high price rises above certain pivot point levels, the trailing stop is adjusted upwards to lock in profits. The trailing stop levels are calculated based on pivot points (`r1`, `r2`, `r3`, etc.) and half-pivot points (`r0.5`, `r1.5`, `r2.5`, etc.). The script checks if the high price surpasses these levels and, if so, updates the trailing stop accordingly. This dynamic trailing stop allows traders to secure profits while giving the position room to potentially capture additional gains. 4. Final Stop Loss (`sl_long`): The script calculates the final stop loss level (`sl_long`) based on the following logic: ---If no position is open (`pos == 0`), the stop loss is set to zero, indicating there is no active stop loss. ---If a position is open (`pos == 1`), the script calculates the maximum of the initial stop loss (`sl_long0`) and the dynamic trailing stop (`trail_long`). ---This ensures that the stop loss is always set to the more conservative of the two values to protect profits. 5. Plotting the Stop Loss: The script plots the stop loss level on the chart using the `plot` function. It will only display the stop loss level if there is an open position (`pos == 1`) and it's not a new trading day (`not newday`). The stop loss level is shown in red on the chart. By combining an initial stop loss with a dynamic trailing stop based on pivot points and half-pivot points, the script aims to provide a comprehensive risk management mechanism for long positions. This allows traders to lock in profits as the price moves in their favor while maintaining a safeguard against adverse price movements. End of Day (EOD) Exit: The script includes an "End of Day" (EOD) exit mechanism to automatically close any open positions at the end of the trading day. This feature is designed to manage and control positions when the trading day comes to a close. Here's how it works: 1. Initialization: At the beginning of each trading day, the script identifies a new trading day using the `is_newbar('D')` condition. When a new trading day begins, the `newday` variable becomes `true`, indicating the start of a new trading session. 2. Plotting the "End of Day" Signal: The script includes a plot on the chart to visually represent the "End of Day" signal. This is done using the `plot` function. The plot is labeled "DayEnd" and is displayed as a comment on the chart. It signifies the EOD point. 3. EOD Exit Condition: When the script detects that a new trading day has started (`newday == true`), it triggers the EOD exit condition. At this point, the script proceeds to close all open positions that may have been active during the trading day. 4. Closing Open Positions: The `strategy.close_all` function is used to close all open positions when the EOD exit condition is met. This function ensures that any remaining long positions are exited, regardless of their current profit or loss. The function also includes an `alert_message`, which can be customized to send an alert or notification when positions are closed at EOD. Purpose of EOD Exit The "End of Day" exit mechanism serves several essential purposes in the trading strategy: Risk Management: It helps manage risk by ensuring that positions are not left open overnight when markets can experience increased volatility. Capital Preservation: Closing positions at EOD can help preserve trading capital by avoiding potential adverse overnight price movements. Rule-Based Exit: The EOD exit is rule-based and automatic, ensuring that it is consistently applied without emotions or manual intervention. Scalability: It allows the strategy to be applied to various markets and timeframes where EOD exits may be appropriate. By incorporating an EOD exit mechanism, the script provides a comprehensive approach to managing positions, taking profits, and minimizing risk as each trading day concludes. This can be especially important in volatile markets like cryptocurrencies, where overnight price swings can be significant. Backtesting: The script includes a backtesting feature that allows you to test the strategy's performance over historical data. Set the start and end times for backtesting to see how the long-only strategy would have performed in the past. Trade Execution: If you choose to use this script for live trading, make sure you understand the risks involved. It's essential to set up proper risk management, including position sizing and stop loss orders. Monitoring: Monitor the long-only strategy's performance over time and be prepared to make adjustments as market conditions change. Disclaimer: Trading carries a risk of capital loss. This script is provided for educational purposes and as a starting point for your own long-only strategy development. Always do your own research and consider seeking advice from a qualified financial professional before making trading decisions.
Pine Script™ strategy
by duronic12
Opening Range with Infinite Price TargetsOpening Range with Infinite Price Targets is an ORB indicator that automatically generates price targets into infinity based on a user-defined % of range. This indicator includes many nice-to-have features missing from other indicators. Such as: Price Target Labels with Price tooltip, want to know exactly what price pt3 is at? Hover over it and see. Custom Defined Range time, Set your Range Start and end time to whatever you need, Doesn't have to be pinned to opening range!. Note: Time is in chart time. Historical View (Default off), Tired of your chart looking messy with a ton of lines from historical data? No problem! You can choose to view or not view historical data. Alerts for Range Breaks, First Range Breaks, and Discovery Price Target hits. As well as Exported Values for Range High, Low, and Mean to set your own alerts from custom sources. Custom Price Targets, set your price targets to a % of the range based on your own strategy. Last but not Least, Infinitely Generating Price Targets. They just keep building. New Targets will be generated when the price closes above/below the current farthest target. Enjoy!
Pine Script™ indicator
by SamRecio
1
Trend SuggestionsThis brings together a number of variables to produce trend predictions that could be utilized as decision-making tools. Uses the aforementioned price and volume derivatives - A moving average and three weighted moving averages (WMA1, WMA2, WMA3) - Super Trend Line (ST) - Opening Range Breakout on Five Minutes, Resistance Bands Pocket pivots, support, and price volume he Direction is determined by the High and Low Bands of WMAs and the Supertrend Line, which are used to determine the Upper and Lower Lines around the Price. When the price passes below the lower boundary of the band, a downtrend is said to have begun. Similarly, for an uptrend, this continues until the price passes over the upper edge of the band. Teal for an uptrend and fuchsia for a downturn area shared by the band to identify the trend. The first five minutes of the breakout lines have a tiny buffer augmentation of 11% applied to them. Based on what has been observed, support and resistance zones have been somewhat changed from the figures that are often utilized (might work other markets as well) The markings that may be seen are as follows: - Blue Triangle indicates a pocket pivot with an upward bias; - Maroon Triangle indicates a pocket pivot with a downward bias; - Teal colored Diamonds indicate price upthrusts and potential trend confirmation locations, depending on success or failure. - Similar backdrop color changes that look as vertical shading are also used to identify them. - Fuchsia-colored diamonds indicate price declines and a potential trend, depending on whether it persists or fails. - Dark green and maroon square boxes indicate potential price reversals in the support and resistance bands, respectively. It goes without saying that this work is derived from numerous other open-source community initiatives. Feel free to adjust anything you'd like, and we appreciate any feedback.
Pine Script™ indicator
by VVVfV
7
Pre Market \ Opening Range High LowGreen vertical lines are showing pre market open and then the opening range as the first hour of market NYSE market open Pre market high and low are blue lines | intraday opening range high low are in white Trades are taken in the current direction above | below range breaks with the direction of price action using the moving averages Price breaking through moving averages and a range is the optimal trade to enter - exit at next range for target - stop loss below the lower | higher moving average depending on short or long A break above or below the intraday high or low and pre market high or low can give massive profits trailing your stop loss as price runs Using MA 5 and 12 to filter out entries and exits above or below the ranges short or long is also another strategy to implement BEST TIME FRAME TO USE IS 5 MINUTE
Pine Script™ indicator
by LucrorStrategies
5
ORB with Price TargetsThe ORB with Price Targets Script will display the Opening Range (15 minutes of the open session by default) High and Low. It will then render upper and 2 lower Price Target Levels based on 50% and 100% profit targets of the Opening Range. The opening range is customizable in the settings, where you can choose from 5 minute, 15 minute, or 30 minute Opening Ranges. Many stock tickers tend to follow the Opening Range, and sees continuation after a break of that range. This is a common strategy used by traders to enter trades. Price action also tends to find support and resistance at the 50% and 100% retracement levels, thus providing you Price Targets to start trimming your position, or finding new entries.
Pine Script™ indicator
by getthatcashmoney
60
CBG Key Numbers v6Here is my opening range, key numbers indicator. It takes the Opening Range (5 minutes by default) and then plots the opening range and up to 7 extensions of that range above and below. It's amazing how the OR is stamped up on the rest of the day's price movements. 2 strategies (at least) are to play the OR range breakout and to fade when price hits an extreme range. You have total control over how you set up the various lines and colors. If you start overlaying the trading day with the OR and it's extensions, you will see amazing patterns become clear. For example, the pump and reverse. This is where price pumps right out of the opening and then reverses later in the morning. I have the opening price set to big circles as this is one of the most important reference points during the day. Important: For some reason, the 9:30 am time Opening acts differently for equities and futures . For equities, you can set the time values to 0930. But for futures , to capture the Open at 9:30, you have to set the time values to start at 0830. I haven't been able to find a better solution but setting the times manually works. Make sure to set all the time values on the Options screen. There is one more setting of interest. It is called IB Target Amount. This is a number above and below the opening range that I have observed price to hit whenever there's a breakout. This will allow you to predict a price target on breakouts. For SPY , I have found that price usually breaks out to at least 50 cents. On ES futures , it's 6 dollars. This can help you lock in 10% and 20% when trading options and is a great tool. That's why I have it so prominent in red. You will also see price return to this level during the day and act as support or resistance. Please disregard the red and green shaded rectangles. They are my own support and resistance zones and TV wouldn't let me hide them from the picture. :-) I mostly use this on a 5 minute chart but any timeframe will work.
Pine Script™ indicator
by GoldBands
5
ORB 15 Min By EquityDurai#Let the index/stock trade for the first fifteen minutes and then use the high and low of this "fifteen minute range" as support and resistance levels. #A buy signal is given when price exceeds the high of the 15 minute range after an up gap. #A sell signal is given when price moves below the low of the 15 minute range after a down gap. #It's a simple technique that works like a charm in many cases. >If you use this technique, though, a few caveats are in order to avoid whipsaws and other market traps. >The most common whipsaw is a trading range that lasts longer than 15 minutes. >If an obvious range builds in 20, 25 or even 30 minutes , use those to define your support and resistance levels. >Also consider the higher noise level in the morning. >A breakout that extends only a tick or two can be easily reversed and trap you in a sudden loss. >So let others take the bait at these levels, while you find pullbacks and narrow range bars for trade execution.
Pine Script™ indicator
by equitydurai81
29