OPEN-SOURCE SCRIPT
5-Minute Opening Range Breakout (ORB) - NY Session Indicator
This TradingView indicator identifies and plots the Opening Range Breakout (ORB) based on the first 5-minute candle of the New York trading session.
Key Features:
How It Works:
The indicator measures the distance between the ORB high and midpoint, then projects additional targets at equal intervals above the high (bullish targets in green) and below the low (bearish targets in red).
Why Use a 5-Minute ORB?
Best Practices:
Key Features:
- Automatic Detection: Automatically detects the NY session open (default 9:30 AM ET, fully customizable) and captures the high/low of the first 5-minute bar
- Multi-Timeframe Support: Works on any chart timeframe (1-min, 3-min, 15-min, etc.) by requesting 5-minute data
- Dynamic Price Targets: Calculates both bullish (above ORB high) and bearish (below ORB low) price targets based on the opening range size
- Configurable Targets: Set up to 10 price target levels on each side, with targets spaced proportionally to the ORB range
- Extended Lines: All lines automatically extend ahead of the current bar by a configurable number of minutes for better forward visibility
- Price Labels: Optional price labels display exact values at the end of each level
- Midpoint Line: Optional dashed midpoint line shows the center of the opening range
- Custom Styling: Fully customizable colors and transparency for all lines and labels
How It Works:
The indicator measures the distance between the ORB high and midpoint, then projects additional targets at equal intervals above the high (bullish targets in green) and below the low (bearish targets in red).
Why Use a 5-Minute ORB?
- Tighter Range: The 5-minute opening range is typically smaller than the 15-minute range, providing more precise entry and exit levels
- Earlier Signals: Breakouts are identified sooner, allowing for faster reaction times
- Scalping-Friendly: Ideal for day traders and scalpers who prefer shorter timeframes and quicker price movements
- Higher Probability Zones: The narrower range often creates more reliable support/resistance levels for intraday trading
Best Practices:
- Works best on liquid instruments with high volume during NY session open
- Combine with volume analysis to confirm breakout validity
- Consider using the first target as a take-profit level for quick scalps
- Watch for false breakouts within the first 15-30 minutes of the session
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.