Archived: Opening Range Breakout

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Can someone explain how the mean s/e differs from the begin/end period? Is it the first candle for your timeframe vs opening range?
@JBTrades you may be putting the cart before the horse. Please read this thread from the beginning to be sure you have a good understanding. Also, read the threads at the bottom of this page. There is a wealth of info here that must be understood to trade using the ORB. Thanks.
 

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This caught my eye in the first post - "...As of 01.03.2017 You have just under a 52% probability that a DAILY bar will close green. So a 60% to 70% probability is a nice edge. ..."

Does anyone have the data to substantiate this claim?
 
This caught my eye in the first post - "...As of 01.03.2017 You have just under a 52% probability that a DAILY bar will close green. So a 60% to 70% probability is a nice edge. ..."

Does anyone have the data to substantiate this claim?
@codydog that comes directly from Mobius in the notes in his ORBv3. I won't ask him for data, it never works out so well for me. Feel free to ask him, It is a valid question.
 
This is so close to the study i would love to have , Is there a way to possibly change it to the open of the market and plot a line at he high and low of the day. FYI I dont know anything about script writing and for those of you who do youre amazing lol I have tried to figure it out and wouldnt know where to start unfortunately.
 
Please check notes on posts 162 & 164 on the previous page. Why would you want to change a proven day trading system?
I trade based off the high and low of the day so if its the first 5 min candle on the 5 min chart and it breaks above i will usually jump in with a call or vise versa
 
I trade based off the high and low of the day so if its the first 5 min candle on the 5 min chart and it breaks above i will usually jump in with a call or vise versa
Ok, thanks for explaining. I don't have code handy but if you open the study and click on the gear, there should be an input to change the time. Use the original in the first post. Good trading to you.
 
I saw it said in the script 9:30 and the one underneath that said 10:00 I tried to change the 10:00 to 9:30 and the study totally disappeared. So i guess that was wrong lol
 
@markos - I did ask him a while ago and he said it was his observation. I was a bit surprised given his coding expertise that he didnt do a study with a view to optimizing settings.

I'm curious how many folks use it and how much volume it kicks off when the script generates a signal.
 
@JBTrades you may be putting the cart before the horse. Please read this thread from the beginning to be sure you have a good understanding. Also, read the threads at the bottom of this page. There is a wealth of info here that must be understood to trade using the ORB. Thanks.
I primarily trade crude oil and wasn't sure what to use for the opening times. Even though it opens at 1800 there usually isn't much range. There can be movement around 4AM or 8AM sometimes with nothing around 9:30. I've tried changing it to various start times and settings but usually end up with an opening range that seems too wide or too short. I've read this thread several times and leaving it at default seems to be my best option.
 
This convo was shared by @markos. He thinks that it can be useful for anyone who uses the ORB indicator to trade.

One Fine Day in 2016-2017 TSL – Mobius talks ORB in the ThinkScript Lounge
Mobius' ORB V.3 draws a green and red long-dash lines, but while the red reacts to price, the green seems it
does not - and is always drawn. Is this the expected behavior for the green?
allopt - 11.00 AM
The Red and Green ORB lines should not move after they are initially set (according to the time specified in
the ORB settings).
Alphalnvestor • 11:02 AM
There are two green lines and two red lines. The heavy red and green Ones are the Opening Range high and
low the thin red and green lines are Risk Off markers for an Opening Range Breakout Trade
Mobius - 11:02 AM
What he said (I was talking about the heavy ORB lines)
AlphaInvestor • 11:03 AM
The Risk Off Red line is drawn only when price is below the yellow line (mid?), while the Risk Off Green line
is drawn consistently since the open (although earlier it was below the yellow).
allopt - 11:06 AM
yeah, I had been playing with the two different plots when I posted the code. you can go into the code and
change the red line condition to match the green lines condition and the red will plot the same as the green
Mobius • 11:08 AM
Replace lines 225 - 227 with this
plot ORLriskDN = if bar >= OREndBar and ! ORActive and today then
HighestAll(ORL2ext + InitialRisk) else Double.NaN;
Mobius • 11:10 AM
to confirm, draw both, consistently throughout the session, regardless of price. Correct?
allopt • 11:10 AM
Yes - It's just plotting the RISK line for a Short trade when Price Breaks Below the OR Low
Mobius - 11:11 AM
Mobius, is not defined in version
V03.02.2017. Is there a newer version than the one I have?
allopt • 11:23 AM
Not defined in mine either - I was previously told to put ATR in there
AlphaInvestor • 11:24 AM
allopt -this is the study I have running https://tos.mx/M6TsmG
Mobius • 11:28 AM
Remember if you find errors or omissions send complaints to the same place you sent payment to for the
study.
Mobius - 11:30 AM
I constantly mess with that study. Always looking for ways to improve it or emulate my trading. So, over a few
years it will change some but never very much
Mobius • 11:44 AM
in the version I just posted I added a few studies I always run with it, just to make it easier for me.
Mobius - 11:47 AM
I also run this study with ORB and will likely
build this into my unified code too.
htto://tos mx/CDZDJ4 Mobius • 11:49 AM
 
Just wanna say I took a $275 hit loss yesterday night, simply because I didn't follow the ORB. Tried to be clever and short when candles in breakout zone, with no supertrend marker at any resistance. Logged in trading diary.
 
BenTen, I need help with this:

OXoweni.png


For some reason this chrt for CL stops at 14:30pm (open market at 9:30am). At the same time ES stops at 16:00.
Thanks
 
@Talochka I don't have a lot of knowledge on futures trading time, so I can't help. It seems like you're not the only one experiencing such issue. Maybe someone else on here who trade futures can help.
 
@Talochka @BenTen Whilst trading CL on the CME Group (Chicago Mercantile Exchange) Globex is actually open for nearly 24 hours a day during the week (6:00pm – 5:15pm EST) the primary pit session is just 5½ hours long (9:00am to 2:30pm EST) which are some pretty short trading hours.

Here are some references you may like to read up on

https://www.netpicks.com/trading-futures/day-trading-crude-oil-futures-explained/
https://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude_contractSpecs_futures.html
 
Hello all, new user here and I've been checking out the site.

I began using the ORB indicator and from my understanding(and from the post), it's advisable to go long when the price closes above that breakout zone, my question is, how do I scan for stocks that are currently breaking that plane? I tried the script in the post for the scan but I get some very strange stocks in return.

I have read the author's notes and a few things remain unclear, where are the probable close direction points... And if I'm using a 5m chart, can I move to 1hr without altering the code?


Thanks for the help and I appreciate the time.

Ben
 
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