Opening Range Breakout Indicator for ThinkorSwim

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Buckbull

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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.
 
markos

markos

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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 wouldn't 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?
 
B

Buckbull

Member
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
 
markos

markos

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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.
 
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Buckbull

Member
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
 
B

Buckbull

Member
ok i see the gear your talking about what would i change it to ?
 
B

Buckbull

Member
ok I see
mean s
mean e
or begin
or end
What one would I be changing ?
 
C

codydog

Member
@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

JBTrades

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@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.
 
Last edited:
BenTen

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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 http://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
 
P

Playstation

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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.
 
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Playstation

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@markos Thanks man, it's only when I chance upon Ben's site, that I got my trading sharper. The indicators do help alot, but sometimes I deviate and became over-confident. Trading diary helps to keep me grounded :D
 
markos

markos

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@Playstation I still keep a trading log and charts of all my trades. You are correct, it helps keep one grounded.
 
BenTen

BenTen

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@Talochka Already mentioned it in message #192. Scroll up a bit and you should see it.
 
P

Playstation

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Now that daylight savings has ended, what settings should we change to? I'm confused over what's

or mean s
or mean e
or begin
or end


i'm not from the US, a little help please :(
 

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