Archived: Opening Range Breakout

[bigtruck1996]

Ben just joined this group and I have some questions about the ORB indicator. First, the day filter line does not show on the screen unless I scroll to the right until I can't scroll any further. At that point that is when I can see the ORB lines. The cloud does show on current day but I do not see any of the target lines. Here is a screen shot Screen Shot 2019-02-25 at 2.20.29 PM

I am looking to use this set up to trade emini futures on the Russell 2000. Also, I see that this blog is primarily about trading options. On this blog do you have some other information about that. I am familiar with options but only longer term not scalping. Any help would be appreciated.

 

[BenTen]

@bigtruck1996 Hey, welcome, which version of the ORB did you use? The one in this post specifically?

As far as learning how to trade options, I would start with Option Alpha. They got tons of resources for beginners (and it's free). I don't have any written guide from the start. You can check the strategies page here to see if you can learn anything from it.

 

[chewie76]

What is ORLriskUP or ORLriskDN for? How is it used?

 

[BenTen]

@chewie76 Opening Range Low Risk Up and Opening Range Risk Down. I don't use or look at these two at all.

 

[San]

Hi Ben, Is it possible can we see this "Opening Range Breakout " indicator for previous day for studying purpose, like past 5 days or 10 days history.

 

[BenTen]

@San Yes you can, choose it in the indicator's setting.

 

[San]

Tired to change setting Show today only to " NO" but when i look previous day i don't see Yellow/Green/White and purpose line.. I see only Green and Red shadow.

 

[BenTen]

@San Past data will only show breakout and breakdown areas.

 

[Likos]

Greetings, the chart is too small to read. How can this be fixed? Changing minutes/days does nothing.

 

[cpfarr]

This might help. Change the time to at least 20D and 5 min

Chart settings Price "fit predicted price ranges

Time Settings keep time in zoom

 

[Likos]

@cpfarr I tried 20D 5Min, still squished.

 

[Gildes]

@Likos Very simple go on the Chart Setting ( looks like a Gear ) then go on the tab Price axis and unchecked the box Fit Studies.

 

[BenTen]

@Gildes You can also check out this simplified version of ORB.

# Clayburgs Directional Day Filter 

# Written by KumoBob Dec 31 2009 

# I removed the Price Bulbs and added Arrows 

# Thanks to ThinkScriptor and aPPLE_PI for helping me with the secondsfromtime() function by showing me the code writen by Prospectus in his Opening Range study. 

# Directional Day Filter Line - After the first five minutes calculate the average range for this 5-minute bar. Draw a horizontal line at this level. 

# Time Line - Draw a vertical line at 60-minute bar (Low to High of the day so far). 

# (slower value for faster moving charts like currency and S&P – Faster value for slower moving charts) (45 minutes to 90 minutes) 

# Determine the amount of activity above and below the Directional Day Filter Line prior to the Time Line. 

# (A rectangle can be drawn with Blue shading above and Red below the Directional Day Filter Line) 

# If the majority of the activity is above the Directional Day Filter Line the trend bias for the day will be higher. 

# If the majority of the activity is below the Directional Day Filter Line the trend bias for the day will be lower. 

# If it's even the day will most likely be flat. 

# If the closing bar on the Time Line is within 1/3 the distance from the Directional Day Filter Line then added bias can be anticipated. 

#hint: Best used in a 1 to 5 minute chart period 

def na = double.nan; 
Directional Day Filter Line 

input ORBegin = 0930; 

input OREnd = 0935; 

# Show Today only? (Default Yes) 

input ShowTodayOnly = { default "No", "Yes"}; 

def s = ShowTodayOnly; 

# Create logic for OR definition: 1 if between fist 5 minutes 

Def ORActive = if secondsTillTime(OREnd) > 0 AND secondsFromTime(ORBegin) >= 0 then 1 else 0; 

# Create logic to paint only current day post-open: 

def today = if s == 0 OR getDay() == getLastDay() AND secondsFromTime(ORBegin) >= 0 then 1 else 0; 

# Track OR High: 

Rec ORHigh = if ORHigh[1] == 0 or ORActive[1] == 0 AND ORActive == 1 then high else if ORActive AND high > ORHigh[1] then high else ORHigh[1]; 

# Track OR Low: 

Rec ORLow = if ORLow[1] == 0 or ORActive[1] == 0 AND ORActive == 1 then low else if ORActive AND low < ORLow[1] then low else ORLow[1]; 

# Calculate OR width: 

Def ORWidth = ORHigh - ORLow; 

# Define all the plots: 

Def ORHA = if ORActive OR today < 1 then na else ORHigh; 

Def ORLA = if ORActive OR today < 1 then na else ORLow; 

Def O = ORHA - (ORHA - ORLA) / 2; 

Plot ORL = if (o == 0 , na, o); 

ORL.SetDefaultColor(color.Yellow); 

ORL.SetStyle(curve.Long_DASH); 

ORL.SetLineWeight(3); 
Time Line 

input ORBegin2 = 0930; 

# Define time that OR is finished (in hhmm format, 

# 10:00 is the default): 

input OREnd2 = 1030; 

# Show Today only? (Default Yes) 

#input ShowTodayOnly={"No", default "Yes"}; 

#def s=ShowTodayOnly; 

# Create logic for OR definition: 

Def ORActive2 = if secondsTillTime(OREnd2) > 0 AND secondsFromTime(ORBegin2) >= 0 then 1 else 0; 

# Create logic to paint only current day post-open: 

def today=if s==0 OR getday()==getlastday() AND secondsfromtime(ORBegin2)>=0 then 1 else 0; 

# Track OR High: 

Rec ORHigh2 = if ORHigh2[1] == 0 or ORActive2[1] == 0 AND ORActive2 == 1 then high else if ORActive2 AND high > ORHigh2[1] then high else ORHigh2[1]; 

# Track OR Low: 

Rec ORLow2 = if ORLow2[1] == 0 or ORActive2[1] == 0 AND ORActive2 == 1 then low else if ORActive2 AND low < ORLow2[1] then low else ORLow2[1]; 

# Calculate OR width: 

Def ORWidth2 = ORHigh2 - ORLow2; 

# Define all the plots: 

Plot ORH2 = if ORActive2 OR today < 1 then na else ORHigh2; 

Plot ORL2 = if ORActive2 OR today < 1 then na else ORLow2; 

# Formatting: 

ORH2.SetDefaultColor(color.green); 

ORH2.SetStyle(curve.Long_DASH); 

ORH2.SetLineWeight(3); 

ORL2.SetDefaultColor(color.red); 

ORL2.SetStyle(curve.Long_DASH); 

ORL2.SetLineWeight(3); 


Def TimeLine = if secondsTillTime(OREnd2) == 0 then 1 else 0; 

Def pos = (ORH2 - ORL2) / 10; 

plot d1 = if (TimeLine , ORH2, na); 

plot d2 = if (TimeLine , ORH2 - ( pos * 2), na); 

plot d3 = if (TimeLine , ORH2 - ( pos * 3), na); 

plot d4 = if (TimeLine , ORH2 - ( pos * 4), na); 

plot d5 = if (TimeLine , ORH2 - ( pos * 5), na); 

plot d6 = if (TimeLine , ORH2 - ( pos * 6), na); 

plot d7 = if (TimeLine , ORH2 - ( pos * 7), na); 

plot d8 = if (TimeLine , ORH2 - ( pos * 8), na); 

plot d9 = if (TimeLine , ORH2 - ( pos * 9), na); 

plot d10 = if (TimeLine , (ORL2), na); 

d1.SetPaintingStrategy(PaintingStrategy.arrow_down); 

d10.SetPaintingStrategy(PaintingStrategy.ARROW_UP); 

d2.HideBubble(); 

d3.HideBubble(); 

d4.HideBubble(); 

d5.HideBubble(); 

d6.HideBubble(); 

d7.HideBubble(); 

d8.HideBubble(); 

d9.HideBubble(); 
 
DEF Span = (O - ORL2) / (ORH2 - ORL2); 

rec colorState = if Span > 0.66 then -1 

else if Span < 0.33 then 1 else 0; 

d1.AssignValueColor( 

if colorState < 0 then Color.RED else 

if colorState > 0 then Color.GREEN else 

Color.Yellow 

); 

d2.AssignValueColor( 

if colorState < 0 then Color.RED else 

if colorState > 0 then Color.GREEN else 

Color.Yellow 

); 

d3.AssignValueColor( 

if colorState < 0 then Color.RED else 

if colorState > 0 then Color.GREEN else 

Color.Yellow 

); 

d4.AssignValueColor( 

if colorState < 0 then Color.RED else 

if colorState > 0 then Color.GREEN else 

Color.Yellow 

); 

d5.AssignValueColor( 

if colorState < 0 then Color.RED else 

if colorState > 0 then Color.GREEN else 

Color.Yellow 

); 

d6.AssignValueColor( 

if colorState < 0 then Color.RED else 

if colorState > 0 then Color.GREEN else 

Color.Yellow 

); 

d7.AssignValueColor( 

if colorState < 0 then Color.RED else 

if colorState > 0 then Color.GREEN else 

Color.Yellow 

); 

d8.AssignValueColor( 

if colorState < 0 then Color.RED else 

if colorState > 0 then Color.GREEN else 

Color.Yellow 

); 

d9.AssignValueColor( 

if colorState < 0 then Color.RED else 

if colorState > 0 then Color.GREEN else 

Color.Yellow 

); 

d10.AssignValueColor( 

if colorState < 0 then Color.RED else 

if colorState > 0 then Color.red else 

Color.Yellow 

); 

d1.SetLineWeight(5); 

d2.SetLineWeight(5); 

d3.SetLineWeight(5); 

d4.SetLineWeight(5); 

d5.SetLineWeight(5); 

d6.SetLineWeight(5); 

d7.SetLineWeight(5); 

d8.SetLineWeight(5); 

d9.SetLineWeight(5); 

d10.SetLineWeight(5); 


Def TimeLineb = if secondsTillTime(OREND) == 0 then 1 else 0; 

Def posbd = (ORHA - ORLA) / 10; 

plot bd1 = if (TimeLineb , ORHA, na); 

plot bd2 = if (TimeLineb , ORHA - ( posbd * 2), na); 

plot bd3 = if (TimeLineb , ORHA - ( posbd * 3), na); 

plot bd4 = if (TimeLineb , ORHA - ( posbd * 4), na); 

plot bd5 = if (TimeLineb , ORHA - ( posbd * 5), na); 

plot bd6 = if (TimeLineb , ORHA - ( posbd * 6), na); 

plot bd7 = if (TimeLineb , ORHA - ( posbd * 7), na); 

plot bd8 = if (TimeLineb , ORHA - ( posbd * 8), na); 

plot bd9 = if (TimeLineb , ORHA - ( posbd * 9), na); 

plot bd10 = if (TimeLineb , (ORL2), na); 

 

bd1.SetDefaultColor(Color.YELLOW); 

bd2.SetDefaultColor(Color.YELLOW); 

bd3.SetDefaultColor(Color.YELLOW); 

bd4.SetDefaultColor(Color.YELLOW); 

bd5.SetDefaultColor(Color.YELLOW); 

bd6.SetDefaultColor(Color.YELLOW); 

bd7.SetDefaultColor(Color.YELLOW); 

bd8.SetDefaultColor(Color.YELLOW); 

bd9.SetDefaultColor(Color.YELLOW); 

bd10.SetDefaultColor(Color.YELLOW); 

 

bd1.HideBubble(); 

bd2.HideBubble(); 

bd3.HideBubble(); 

bd4.HideBubble(); 

bd5.HideBubble(); 

bd6.HideBubble(); 

bd7.HideBubble(); 

bd8.HideBubble(); 

bd9.HideBubble(); 

bd10.HideBubble(); 

#def aggregation = if getAggregationPeriod() == (AggregationPeriod.MIN * 5) or (AggregationPeriod.MIN * 10) or (AggregationPeriod.MIN * 15) then 1 else 0 ; 

def aggregation = 1;

 

[Likos]

@BenTen Scanning for stock items at 5-6am for (stocks under $10) Unusual volume & price increase.

 

[BenTen]

@Likos For standard filters, you can already include that with built-in ToS features. Check out the ORB scanner here.

 

[Likos]

@BenTen How do I put bear/Bull zone as you did?

 

[BenTen]

@Likos You don't. That was added through a photo editing software lol.

 

[full_of_options]

Hey man, could you please explain the reasoning behind using the Heikin-Ashi candlesticks as opposed to the standard candlesticks with these indicators for intraday trading or suggest some other chart style you feel might work well for it without needing to sacrifice accurate price and gap information? Thanks as always.

 

[BenTen]

@full_of_options I posted this back when I first discovered Heikin-Ashi. Since then I found out about the fact that this type of candles doesn't show the real price. I have changed to the regular candles after that. But the concept remains the same. Lastly, Heikin is a trend candle so I figured it should work fairly well with this strategy.

 

[Thomas]

Here's a different take on the ORB https://tos.mx/hIJ9fH