Archived: Opening Range Breakout

[agorena123]

@BenTen Yep it was the expansion - thanks! Again, great work here. Really gives me a better visual map to my favorite trading strategy.



Can you let me know the proper settings in the first four time fields to use for oil futures - /CL - and gold futures - /GC - as they have different opening times? Thanks!

 

[BenTen]

@agorena123 I would love to help but unfortunately I don’t trade futures so I have no idea 😢

 

[Shaishen]

@agorena123 Not sure if you simply want to know RTH start for CL and GC?

If so you can adjust times in the code I assume

For example RTH (regular trading hours) or open outcry for CL is 9AM to 2:30 pm EST

Also in TOS with Extended TrdHrs on, shaded area will automatically adjust to open / close of the futures symbol you are entering.

Hope it helps.

.

 

[thinky]

The indicator doesn't look like the image posted, what settings you using? I'd like to have the bullish/bearish zones, not just lines.

The screenshot posted here ..

 

[BenTen]

If you're looking for the green and red areas, in the Indicator's settings turn on the option Cloud @thinky

 

[BenTen]

@thinky Looks like you have a different chart's background than mine. If you want to make the red and green areas darker you can change it in the source code.

 

[thinky]

Deleted the indicator and downloaded again, is working now.

 

[Gmrat468]

My question is how are the OR targets calculated ? Do they use an ATR calculation, and they appear to change based on the different time frames, 1 min vs 5 or 15. I havent used them in a live trading day just looking at yesterdays charts with them as I just found this scan tonight.

 

[BenTen]

@Gmrat468 That's correct.

 

[Gmrat468]

So based on the ATR the targets shouldnt change on different time frames right?
apologize for the newbie question, lol

 

[BenTen]

@Gmrat468 I don’t use the profit target features so I can’t comment on that. I find it inaccurate most of the time. You may want to stick with just the ORB lines.

 

[Gmrat468]

Fair enough thanks. Is there any way to lock the OR breakout bands to a single time frame while changing through time frames daily. I want to trade the one minute OR so i set the settings to 930 and 931 on both OR mean and OR begin and end. then when i go to my charts and look at it on the one minute its great , but if I change the time frame to intrady 5 min all the targets and Opening range change . I tend to start with the one minute to set my range but then ill migrate between 2 and 5 minute charts throuhgout the day. Anyt way to set the ranges for one minute and be able to switch back and forth or should i just use a different window to check different time frames.

 

[BenTen]

@Gmrat468 Unfortunately you can't lock the ORB period in.

 

[thinky]

The bubbles for "Risk ON ORL" can't be disabled via settings (the plots can be), but only need to comment out ("#" in front) two lines of code.

212 # AddChartBubble(bar == HighestAll(crossUpBar), ORLriskUP, "Risk\nON ORH", color.green, no);
...
222 # AddChartBubble(bar == HighestAll(crossDnBar), HighestAll(ORLriskDN), "Risk\nON ORL", color.red, yes);

FYI, even if you disable the study, the labels appear in the chart ("RO", "2nd T", "Risk ON ORL", etc.)

 

[markos]

Fair enough thanks. Is there any way to lock the OR breakout bands to a single time frame

Here's a potential tip: if this works for your situation, click your mouse wheel and a drawing pallet will show up. Click line and put it on your chart then click your mouse wheel again and click back to the arrow or whatever else you were using.

 

[Gmrat468]

Thanks Markos, I have done that in the past.
I traded with the OR last week and was ok switching back and forth between time frames. found the 5 minute suited me best.
The benefit for me with the indicator is the levels and just being a visual refernence i can check quik while scanning through charts,
really like the indicator so far.

 

[mowen]

Hello Ben, will this indicator work with Forex? Or is this just for regular stocks? Thanks.

 

[BenTen]

@mowen I’m not sure. You can add it to your Forex chart and see if it plot anything.

 

[Miket]

Disable pre-market and after-hour market

How do we disable premarket?

 

[BenTen]

@Miket Settings > Equities > Untick "Show Extended-Hours"