OD Essentials

OD Essentials Indicator

The OD Essentials indicator is a comprehensive script designed to provide traders with key technical levels across multiple timeframes, including moving averages, VWAP, and opening price levels. It also features an Opening Range Breakout (ORB) strategy to help traders identify potential breakouts.

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1. Moving Average Helper Function
This function allows the calculation of different types of moving averages, including:
• Simple Moving Average (SMA)
• Exponential Moving Average (EMA)
• Smoothed Moving Average (SMMA/RMA)
• Weighted Moving Average (WMA)
• Volume Weighted Moving Average (VWMA)

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2. Daily SMAs (20D, 50D, 100D, 200D)
Plots the 20-day, 50-day, 100-day, and 200-day simple moving averages (SMA) using daily timeframe data:
• 20D SMA: Light blue
• 50D SMA: Dark blue
• 100D SMA: Medium blue
• 200D SMA: Light purple

These SMAs help identify trend direction and key support/resistance levels.

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3. VWAP from 1-Minute Timeframe
Plots the VWAP (Volume Weighted Average Price) calculated using 1-minute timeframe data. This provides real-time insight into price movements based on volume.

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4. 9 EMA from 5-Minute Timeframe
Plots the 9-period EMA from the 5-minute timeframe, which helps traders identify short-term trend direction and possible trade setups.

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5. 200-Week Moving Average (SMA)
Plots the 200-week SMA, a critical long-term moving average that often serves as strong support or resistance in higher timeframes.

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6. Daily, Weekly, and Monthly Opens
Plots the opening prices for the daily, weekly, and monthly timeframes:
• Daily Open: Purple
• Weekly Open: Green
• Monthly Open: Red

These levels help traders identify significant price reference points.

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7. Opening Range Breakout (ORB)
The ORB strategy tracks price action within a defined time window (default: first 5 minutes of the session). It then establishes an ORB high and ORB low:
• ORB High: Green
• ORB Low: Red

If price breaks above the ORB high, it signals a potential bullish breakout. A breakdown below the ORB low suggests a bearish move. This feature is hidden when the chart resolution is greater than the ORB range.