Opening Range Breakout (ORB) Indicator - 30 Min

This powerful and customizable Opening Range Breakout (ORB) Indicator for TradingView helps traders identify and visualize key price levels during the initial trading hours. Designed for flexibility, it provides essential market insights and actionable information directly on your chart.

Key Features:

• Dynamic Opening Range Calculation: Automatically identifies and plots the high and low of a user-defined opening range. This range is crucial for many trading strategies as it often sets the tone for the day.

• Customizable Session & Timezone: Tailor the indicator to any market by specifying the exact opening range time (e.g., 09:30-10:00) and its corresponding timezone (e.g., "America/New_York" for NASDAQ). This ensures accurate range detection regardless of your local time or the asset you are trading.

• Integrated Market Metrics: Gain a comprehensive view of market conditions with built-in displays for:

• Moving Averages (SMAs): Visualize 20-period and 50-period Simple Moving Averages to gauge short-term and medium-term trends.

• Volume-Weighted Average Price (VWAP): Understand the average price of an asset weighted by volume, a key institutional benchmark.

• Relative Volume (RVOL): Monitor current volume activity compared to its average, with a customizable threshold to identify significant volume surges.

• Visual Cues & Signals: The indicator provides clear visual signals directly on the chart for important price actions related to the opening range, including breakouts, target hits, stop hits, and potential re-entry points. These visual aids help in quick decision-making.

• Comprehensive Information Table: A convenient, real-time table displayed on your chart summarizes critical metrics at a glance, such as:

• OR High and Low

• Relative Volume status

• Current Trend (Bullish/Bearish)

• Price position relative to VWAP

• Signal status

• Suggested position sizing (based on user-defined risk parameters)

• Customizable Alerts: Set up various alerts for key events, such as opening range breakouts, entry signals, and profit target or stop-loss hits. Stay informed without constantly monitoring the chart.

• Flexible Settings: Adjust numerous parameters through the indicator settings, including EMA lengths, RVOL thresholds, signal visibility, level displays, and an optional higher timeframe bias filter.

This ORB Indicator is an indispensable tool for traders looking to leverage the power of opening range analysis combined with essential technical metrics for informed trading decisions. Its robust design and customizable features make it suitable for various trading styles and market conditions.


Risk Management: Take Profit (TP) and Stop Loss (SL) Configuration

Effective risk management is crucial for any trading strategy. This ORB indicator provides configurable options to help you manage your trades with defined Take Profit and Stop Loss levels.

•Account Risk Percentage: You can define your Account Risk % in the indicator settings. This input allows you to specify what percentage of your hypothetical account balance you are willing to risk per trade. The indicator uses this value to suggest appropriate position sizing, helping you maintain consistent risk management.

•Target 1R (TP1) Configuration: The first Take Profit target (TP1) is dynamically set at 50% of the Opening Range (OR) distance from your entry point. This means if the OR is 10 cents, TP1 will be 5 cents from your entry. The Scale Out % at 1R input allows you to set a percentage for scaling out of your position when the price reaches this first target, helping to secure partial profits and reduce risk.

• Dynamic Stop Loss (SL) & Trailing:

•Initially, the Stop Loss is dynamically calculated based on the Opening Range structure to protect your capital.

•Crucially, after TP1 is hit, the Stop Loss is automatically updated to a more favorable position (e.g., break-even or a trailing stop) to further protect your profits and reduce risk on the remaining position. This helps in securing gains as the trade progresses.

•Visual Level Displays: When Show Stop/Target Levels is enabled, the indicator visually plots these calculated Stop Loss and Take Profit levels directly on your chart. This provides a clear visual representation of your risk and reward parameters for each potential trade setup.

By utilizing these configurable risk management features, traders can integrate their preferred risk parameters directly into their analysis, allowing for more disciplined and controlled trading decisions.