Archived: Opening Range Breakout

[Miket]

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

Start aggregations at market open checked on or off?

 

[BenTen]

@Miket That's up to you.

When the Extended-Hours Trading session is hidden, you can select Start aggregations at market open so that intraday bars are aggregated starting at regular market open (8:30 am CST).

 

[JPTRADER]

TSLA trying to cross the border going into Bull Zone but got hit with a resistance and fell back down. Supertrend came through.

Hi. Do you still track this indicator? really like it. what is the meaning of the red line within the Bear zone and the green line within the bull zone? also, do you keep your super trend indicator on 1? and finally does #risk on ORL# mean it's about to break or inversely work as support or resistance? THX!!

 

[BenTen]

@JPTRADER It's been awhile since I have ORB on my chart. I usually use the simplified version (I think I also posted that in the original thread). I don't use any of the Risk On and Risk Off line.

 

[aaronjure]

When I add study it clumps the graph together and i cannot see anything but red yellow and green lines at different levels on the chart?

 

[BenTen]

@aaronjure Left click on your chart > Chart scale > untick Fit Studies. If you don't want all the extra features then use the simplified version of ORB.

 

[ilovetrading]

Thank you all for your help. My apologies in advance for such a lengthy post.

Here is the link to my studies

Here is the link to my NFLX chart from Friday:

Now I have a few questions...

1. When using ST (Supertrend), do you keep extended hours on/off?
2. Are there any other study's you're using with ST that could help me besides the ones that I'm using?

Here is the source code for the study I call BenTen (got this from the initial post for this)..

Now a friend of mine gave me the following which I thought he got from you folks but it may be something that he customized a bit of but it shows a different version of the NFLX chart...see here:

Here are the studies I have on this chart:

There is nothing else in the study list here.

 

[Rojo Grande]

What am i doing wrong? I am unable to get the color fill for the bull and bear zones in the opening range breakout.

 

[BenTen]

@ilovetrading Using pre-market or not, that is entirely up to you. I personally do not use the extended market feature.

Looking at the pictures you attached above, everything looks fine. You're using Supertrend and ORB. I don't see any problem with that.

From your friend's charts, I'm able to recognize these additional indicators:

• Enhanced trend reversal (this one will repaint)
• Ichimoku cloud

 

[BenTen]

@Rojo Grande Make sure you enable it in the indicator's settings. It should be under CloudOn: Clouds Opening Range.

 

[markos]

@ilovetrading for question #2 - Here is the Momentum page from our OneNote: https://onedrive.live.com/redir?resid=2FF733D1BA1E1E79!404&authkey=!ABOXXFyQg1iUqFk&page=View&wd=target(03. Technical Analysis/Momentum.one|22e78f94-0da4-4cdf-8f6a-8eebc8621553/ Momentum - Strength but NOT Direction|cdd16e89-6eae-4b02-87c1-f49e7f374c84/)

 

[Jenny]

@BenTen how do we change the time on the orb opening and closing market . I am thinking of having the orb starts at 6:00 pm Globex time till 9:30 am the next day to test futures market. And a new orb for the usual 9:30- closing cash market. Can you help?

 

[BenTen]

@Jenny You can adjust the time by editing the OrBegin and OrEnd values.

 

[NathanJames]

Ben,

Thank you for scripting this ORB, it is very helpful. But i want to ask you a question, is there any possibility that the ORB will appear right away the moment market open? Thanks

Nathan

 

[BenTen]

@NathanJames No because the default settings is set to 30 mins after market open. You can adjust it to whatever time you want to.

 

[markos]

@NathanJames just know that if you change the time frame, it will no longer be an ORB. Please be sure you understand how to use it as intended for best results. Use the search above to start with. ...Best

(and try here)
https://usethinkscript.com/threads/opening-range-breakout-orb-scanner-for-thinkorswim.68/

 

[desirobinhood]

Current day first 30 mins High and low

def na=double.nan;
input ORBegin = 0930;
input OREnd = 1000;
input ShowTodayOnly={"No", default "Yes"};
def s=ShowTodayOnly;
Def ORActive = if secondstilltime(OREnd)>0 AND secondsfromtime(ORBegin)>=0 then 1 else 0;
def today=if s==0 OR getday()==getlastday() AND secondsfromtime(ORBegin)>=0 then 1 else 0;
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];
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];
Def ORWidth = ORHigh - ORLow;
Plot ORH=if ORActive OR today<1 then na else ORHigh;
Plot ORL=if ORActive OR today<1 then na else ORLow;
ORH.setdefaultcolor(color.yellow);
ORH.setStyle(Curve.FIRM);
ORH.setlineweight(1);
ORL.setdefaultcolor(color.yellow);
ORL.setStyle(Curve.FIRM);
ORL.setlineweight(1);

 

[Playstation]

Hey @BenTen

I bought at the border of Bull and Bear Zone, Heikin candles. Supertrend signal was delayed, doesn't appear until 3-4 bars later.
Should I treat the upper line of Bull Zone as resistance too? I exited this trade once it ranges at that upper line.

 

[BenTen]

@Playstation Last I checked, the Supertrend indicator is not delayed.

Yes, you should also treat the upper and lower ORB as support and resistance, as well.

 

[markos]

Current day first 30 mins High and low

def na=double.nan;
input ORBegin = 0930;
input OREnd = 1000;
input ShowTodayOnly={"No", default "Yes"};
def s=ShowTodayOnly;
Def ORActive = if secondstilltime(OREnd)>0 AND secondsfromtime(ORBegin)>=0 then 1 else 0;
def today=if s==0 OR getday()==getlastday() AND secondsfromtime(ORBegin)>=0 then 1 else 0;
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];
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];
Def ORWidth = ORHigh - ORLow;
Plot ORH=if ORActive OR today<1 then na else ORHigh;
Plot ORL=if ORActive OR today<1 then na else ORLow;
ORH.setdefaultcolor(color.yellow);
ORH.setStyle(Curve.FIRM);
ORH.setlineweight(1);
ORL.setdefaultcolor(color.yellow);
ORL.setStyle(Curve.FIRM);
ORL.setlineweight(1);

@desirobinhood Using this code totally defeats the whole purpose of ORB trading. Please type Opening in the search box and read this post from the beginning. There is a wealth of info here that must be understood to trade using the ORB. Thanks.