Opening Range Break (ORB) Indicator

*Available with the Plus or Premium subscription.
Description:
Opening Range Break (ORB) Indicator is a complex indicator that provides auto-plotting of the daily Opening Range (usually the first 5-15 minutes) of the regular trading session. A confirmed break of the opening range may provide a high probability opportunity for trading in the direction of the break. Breaks of the range lines are alerted.

A moving average oscillator shows the change in movement between simple moving averages (default set 5 & 34 for SMA lengths). This oscillator histogram shows the detailed difference changes between the fast and slow SMAs.

This algorithm provides support & resistance zones, previous day high/low, premarket high/low, regular session high/low, fair value gaps (FVGs) and much more. Dynamic trend line breaks, ORB breaks, MA crossing, trend detection metrics are alerted to generate highest probability entry/exit signals.

The highest performing candlestick patterns including Hammer, Inverted Hammer, Engulfing (bullish & bearish), Above the Stomach, Below the Stomach, Three Inside Up, Three Inside Down, Three Outside Up, Three Outside Down, Evening Star, Morning Star, Three Black Crows, Three White Soldiers, Dark Cloud Cover, and Ladder Bottom are signaled in real-time.

No indicator nor strategy can provide guarantees of success due to the volatile dynamic nature of the stock markets, however the Opening Range (ORB) Indicator [by StockWaver] will be an invaluable tool in tilting probabilities towards more profitable trades.

Unique Features:

• Dynamic trend lines are auto-generated with breaks clearly indicated for timely and high probability entries/exits.
• ORB levels are auto-generated and level breaks are alerted
• Candle highlighting is a useful and important feature to understand price action as it occurs. Displacement candles for upcoming tall candles that normally creates FVGs, continuing, and engulfing candles are highlighted to instantly see possible price action continuance, shifts, and reversals. Engulfing candles are also highlighted.

Indicator Options:
Go to indicator settings under the “Input” tab section to customize colors, labels, styles, or show/hide.

Usage Tips:

• When first installing onto a new chart, the chart will be compressed and will require expansion by spreading the chart scale that is usually on the right of chart.
• Apply this indicator to multiple timeframes to see the pattern progressions properly to aid in trading choices. Proper risk management and adequate experience are required to achieve long term trading success. This indicator is a tool designed to complement a trader’s intuition that only develops over much screen time and trading experience.
  *Stop loss order placement is highly encouraged for each trade.
• A recommended exit strategy is to take partial profits on each push wave towards the target and fully out when reaching the target cross.

*This script is free to use with premium member access.

Disclaimer:
Achieving trading success hinges on adherence to your strategy, with indicators complementing rather than dictating trades. This script serves solely for informational and educational purposes and does not offer professional or financial advice. You assume full responsibility for evaluating the script output and its associated risks.

By utilizing the script, you agree to absolve StockWaver (TradingView user) of any liability for damages arising from decisions based on it. StockWaver is not affiliated with TradingView, Inc. Remember, experience and sound risk management are invaluable, and there’s no substitute for them, be it indicators or strategies. Thank you!