Description
This Idea presents a clean intraday breakout setup on the S&P 500 (SPX / ES / SPY), based on the classic Opening Range Breakout (ORB) concept.
Core Setup (visible on chart)
Opening Range (OR): Defined by the high and low of the first 15-minute bar after NYSE open (8:30–8:45 ET).
→ Blue stepped line = OR High
→ Red stepped line = OR Low
Bullish trigger: Price closes above OR High → potential long breakout
Bearish trigger: Price closes below OR Low → potential short breakdown
Why this works
Early-session breakouts often capture institutional momentum right after the open, especially on high-volume, expanding-range days.
Filter for expansive volatility (custom oscillator: fast 5-day SMA vs slow 15-day SMA of true range, requiring crossover or >0 condition).
Volume confirmation: Smoothed ROC of session volume must be positive (indicating building participation).
Risk control: Only consider setups where the implied Reward:Risk (target = OR range × 2.0) is at least 1.5:1 after filters.
No late-day traps: strictly avoid entries after 14:00 ET (last hour of regular session) to dodge choppy, low-conviction afternoon moves.
Trade Parameters (example for current/last chart)
- Direction bias: [Bullish / Bearish / Neutral – update based on your chart]
- Entry: Break & close beyond OR high/low
- Target: OR range × 2.5 from entry (e.g., if OR = 20 points, target +40 points on long)
- Stop: Opposite side of OR (tight risk)
- Timeframe: 15-min intraday
Max 1 trade per day; forced exit at session close (15:00–16:00 ET) if not already hit.
This is a high-conviction intraday framework I've been refining — good for capturing intraday moves while filtering noise.
What do you think — would you take this setup today? Drop your thoughts below!
This Idea presents a clean intraday breakout setup on the S&P 500 (SPX / ES / SPY), based on the classic Opening Range Breakout (ORB) concept.
Core Setup (visible on chart)
Opening Range (OR): Defined by the high and low of the first 15-minute bar after NYSE open (8:30–8:45 ET).
→ Blue stepped line = OR High
→ Red stepped line = OR Low
Bullish trigger: Price closes above OR High → potential long breakout
Bearish trigger: Price closes below OR Low → potential short breakdown
Why this works
Early-session breakouts often capture institutional momentum right after the open, especially on high-volume, expanding-range days.
Filter for expansive volatility (custom oscillator: fast 5-day SMA vs slow 15-day SMA of true range, requiring crossover or >0 condition).
Volume confirmation: Smoothed ROC of session volume must be positive (indicating building participation).
Risk control: Only consider setups where the implied Reward:Risk (target = OR range × 2.0) is at least 1.5:1 after filters.
No late-day traps: strictly avoid entries after 14:00 ET (last hour of regular session) to dodge choppy, low-conviction afternoon moves.
Trade Parameters (example for current/last chart)
- Direction bias: [Bullish / Bearish / Neutral – update based on your chart]
- Entry: Break & close beyond OR high/low
- Target: OR range × 2.5 from entry (e.g., if OR = 20 points, target +40 points on long)
- Stop: Opposite side of OR (tight risk)
- Timeframe: 15-min intraday
Max 1 trade per day; forced exit at session close (15:00–16:00 ET) if not already hit.
This is a high-conviction intraday framework I've been refining — good for capturing intraday moves while filtering noise.
What do you think — would you take this setup today? Drop your thoughts below!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.