Archived: Opening Range Breakout

[BenTen]

@jngy2k If you prefer a simplified version of this ORB indicator, I would use the one from here.

 

[allanumana1986]

Ben - i'm not seeing the supertend also. Is there anything I need else I need to do? Thanks.

 

[BenTen]

@allanumana1986 The SuperTrend indicator along with everything else that I talked about can be found on the first page of this thread.

 

[Rodrigov]

@BenTen I have uploaded the ORBSupertrend indicators, they work fine....I entered the ORB Scanner but I think is not working... how do you use it? you scan at 8:45 CTM? and every now and then during the day you scan? trying to work this out.

 

[BenTen]

@Rodrigov If you need help setting up the scanner for the ORB indicator, I would check out this post: https://usethinkscript.com/threads/opening-range-breakout-orb-scanner-for-thinkorswim.68/

 

[BenTen]

@tommylala Did you try the code from here? https://usethinkscript.com/threads/opening-range-orb-watchlist-column-for-thinkorswim.140/

 

[NYSmakTalker]

@BenTen the code works great! I hope I am not too annoying, is there a way to set some sort of indication (alerts) when it hits HTarget2 in the WatchList?

@rad14733 thanks for the help Rad!

Also really interested in the ALERT or Scan. @tommylala I've be seeing great correlation on up trends after it hits HTarget2 on my reach of past stocks.

 

[tommylala]

Also really interested in the ALERT or Scan. @tommylala I've be seeing great correlation on up trends after it hits HTarget2 on my reach of past stocks.

Yes, my only dilemma is that it is hard to watch all tickers so a watchlist or scan that will alert when the ticker hits HTarget2. I have a feeling it does not exist only if a programmer is up for a challenge.

 

[laperchaser]

Hey Ben, its my first day here. Thanks for all of the great indicators. I think I'm doing something wrong with the ORB?

[/IMG]

 

[BenTen]

@laperchaser I don't think so. You have expansion areas on. That might be causing the issue. If you want, you can use the simplified version of ORB here. See if that one fixes the problem.

 

[BenTen]

@Aakash I have my own watchlist and it does not change on a day to day basis, but I think the daily watchlist that @MasterSteve posted here would be better for the ORB strategy.

 

[CaptainNORDO]

So Mobius posted an ORB study that draws lines for the High and Low of the first candle, but it changes based on the Chart Time Frame. I like to use the 15 minute chart for my ORB lines and then trade on the 5 min chart.

Is there a way to make the code below, do that? That is, draw the high and low of the 15 minute chart on any of the time frames I pull up or will it always be based off the first candle of the current time frame?

# ORB for TOS Mobile App
# Mobius
# V01.08.2018

def o = open;
def h = high;
def l = low;
def c = close;
def OpeningBell = getTime()[1] < RegularTradingStart(getYYYYMMDD()) and
                  getTime() > RegularTradingStart(getYYYYMMDD());
def RTH = getTime() >= RegularTradingStart(getYYYYMMDD()) and
          getTime() <= RegularTradingEnd(getYYYYMMDD());
def ORActive = getTime() >= OpeningBell and
               getTime() <= RegularTradingStart(getYYYYMMDD()) + 1800000;
def ORH = if OpeningBell
          then h
          else if ORActive and
                  h > ORH[1]
               then h
               else ORH[1];
def ORL = if OpeningBell
          then l
          else if ORActive and
                  l < ORL[1]
               then l
               else ORL[1];
plot ORhigh = if !ORActive and RTH
              then ORH
              else Double.NaN;
ORhigh.SetStyle(Curve.LONG_DASH);
ORhigh.SetLineWeight(3);
ORhigh.SetDefaultColor(Color.GREEN);
plot ORlow = if !ORActive and RTH
             then ORL
             else Double.NaN;
ORlow.SetStyle(Curve.LONG_DASH);
ORlow.SetLineWeight(3);
ORlow.SetDefaultColor(Color.RED);
def ORmeanActive = getTime() >= OpeningBell and
                   getTime() <= RegularTradingStart(getYYYYMMDD()) + 300000;
def ORmeanH = if OpeningBell
              then h
              else if ORmeanActive and h > ORmeanH[1]
                   then h
                   else ORmeanH[1];
def ORmeanL = if OpeningBell
              then l
              else if ORmeanActive and l < ORmeanL[1]
                   then l
                   else ORmeanL[1];
plot ORmean = if !ORmeanActive and RTH
              then Round(((ORmeanH + ORmeanL) / 2) / TickSize(), 0) * TickSize()
              else Double.NaN;
ORmean.SetStyle(Curve.LONG_DASH);
ORmean.SetLineWeight(3);
ORmean.SetDefaultColor(Color.YELLOW);
# End Code ORB for Mobile App

 

[ApeX Predator]

@CaptainNORDO

Change the first few lines of the code. But be-aware you need 15m to close to form the ORB and you can be in the lower timeframe not on the higher timeframe. Any frame higher then 15m will not show the ORB lines.

input aP = AggregationPeriod.FIFTEEN_MIN;
def o = open(period = aP);
def h = high(period = aP);
def l = low(period = aP);
def c = close(period = aP);

 

[BenTen]

@CaptainNORDO Follow @SuryaKiranC's tip or you can use the script posted on the first page of this post and adjust the time to the first 15m trading session.

 

[Six6God]

Good morning,
I would like to change the start on the ORBI from 9:30 to opening bell. Is that possible? If so can someone please guide me on how to change it.
Please and thank you

 

[s1111]

Good morning,
I would like to change the start on the ORBI from 9:30 to opening bell. Is that possible? If so can someone please guide me on how to change it.
Please and thank you

I like that idea too. I have been doing opening bell trades without success as it's a rollercoaster. After months of unsuccessful trades, I have decided not to trade for the first 30 minutes.

 

[ApeX Predator]

@Six6God isn't 9:30 working for open bell for you folks?

 

[s1111]

@Six6God isn't 9:30 working for open bell for you folks?

It is but ORB won't show till after 30 minutes.

 

[ApeX Predator]

that is the whole idea. @s1111 you need to wait for a specific time to give you price range for a specific day. How about start from the beginning of what it is supposed to do? I would suggest read up this and may be few other Openrange threads on this form to see how openrange indicators are supposed to work before you deploy them in your strategy .

-S

 

[sticks]

Nice! this looks to be very useful. Can you please explain what the white line & RO mean? (Risk ON/OFF?) Also could you explain what Risk On ORL with red line and Risk On ORH with green line mean? Hope these questions make sense, thank you!

I’m also pondering the idea if somehow this could be turned into a watchlist column. Green bar for bull zone red bar for bear zone.