OPEN-SOURCE SCRIPT
Opening Range Breakout [UkutaLabs]
Updated
█ OVERVIEW
The Opening Range Breakout is a powerful trading tool that indicates a strong range based on the high and low of the first fifteen or thirty minutes after market open. This range serves as a potential area of Support or Resistance that traders should be aware of during their trading. Because of this, the Opening Range Breakout is a versatile trading tool that can be included in a wide variety of trading strategies.
The aim of this script is to simplify the trading experience of users by automatically identifying and displaying price levels that they should be aware of.
█ USAGE
When the New York Market opens each day, the script will automatically identify and label the opening range in real time. The user can control whether the script measures the first 15 or 30 minutes of each trading day to fit each trader’s trading style.
Because there tends to be a spike in volume during this period, the range that is identified can serve as a powerful indication of overall market strength. Once the price breaks out of this range, it then can be used as an area of support or resistance depending on the direction of the breakout.
█ SETTINGS
Configuration
• Show Labels: Determines whether labels are drawn within the range.
• Display Mode: Determines the number of days the script should load.
Range Settings
• 15 Minute: Determines whether or not the 15 minute range is drawn.
• 15 Minute Color: Determines the color of the 15 minute range and labels.
• 30 Minute: Determines whether or not the 30 minute range is drawn.
• 30 Minute Color: Determines the color of the 30 minute range and labels.
The Opening Range Breakout is a powerful trading tool that indicates a strong range based on the high and low of the first fifteen or thirty minutes after market open. This range serves as a potential area of Support or Resistance that traders should be aware of during their trading. Because of this, the Opening Range Breakout is a versatile trading tool that can be included in a wide variety of trading strategies.
The aim of this script is to simplify the trading experience of users by automatically identifying and displaying price levels that they should be aware of.
█ USAGE
When the New York Market opens each day, the script will automatically identify and label the opening range in real time. The user can control whether the script measures the first 15 or 30 minutes of each trading day to fit each trader’s trading style.
Because there tends to be a spike in volume during this period, the range that is identified can serve as a powerful indication of overall market strength. Once the price breaks out of this range, it then can be used as an area of support or resistance depending on the direction of the breakout.
█ SETTINGS
Configuration
• Show Labels: Determines whether labels are drawn within the range.
• Display Mode: Determines the number of days the script should load.
Range Settings
• 15 Minute: Determines whether or not the 15 minute range is drawn.
• 15 Minute Color: Determines the color of the 15 minute range and labels.
• 30 Minute: Determines whether or not the 30 minute range is drawn.
• 30 Minute Color: Determines the color of the 30 minute range and labels.
Release Notes
• Major changes to the script, but indicator should function identically.• Added options for 60 Minute, 240 Minute and Daily ORBs that can be toggled in indicator settings.
• Removed the previously existing Range Settings indicator settings group and created a new group for each ORB time frame (15 Minute, 30 Minute, 60 Minute, 240 Minute and Daily).
Added the following Settings:
60 Minute Orb
• Display (On/Off): Determines whether the 60 minute Opening Range Breakout is displayed on the chart.
• 60 Minute ORB Color: Determines the color of 60 minute Opening Range Breakouts.
240 Minute ORB
• Display (On/Off): Determines whether the 240 minute Opening Range Breakout is displayed on the chart.
• 240 Minute ORB Color: Determines the color of 240 minute Opening Range Breakouts.
Daily ORB
• Display (On/Off): determines whether the Daily Opening Range Breakout is displayed on the chart.
• Daily ORB Color: Determines the color of Daily Opening Range Breakouts.
Release Notes
• Fixed a minor error causing the Daily ORB to draw an incorrect range.Release Notes
- Fixed minor bug causing range to start one bar late.Release Notes
- The body of the Opening Range Breakout will now generate in real time as the bar is forming, instead of generating all at once afterwards. Release Notes
- Added the option for users to toggle a 5 Minute ORBRelease Notes
- Added a new setting: Extend Shaded Region. This setting allows the user to toggle whether or not the shaded region of the opening range breakout extends for the full duration of the day.Release Notes
- Added functionality for this script to work on seconds chartsRelease Notes
-Adjusted time for daylight savingsOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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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.