Opening Range Breakout Indicator for ThinkorSwim

Last edited:
MerryDay said:
@vince92615 I have not experienced that problem but I am not trading on the ORB anymore. The highest All lag that ToS built into the latest upgrade makes this indicator unworkable.

Some posters have had better luck with this one. I haven't used it but perhaps it will fix your problems and it doesn't lag.
https://usethinkscript.com/threads/opening-range-breakout-orb-scanner-for-thinkorswim.68/
Click to expand...
Thank you that one worked, doesn’t have targets included but I just overlayed another one with it.
 
Last edited by a moderator:
Hello & Welcome @jesusguajardo24 Are you referring to the shared link in post#1?
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The link is working. Did you follow these instructions? --> Easiest way to load shared links
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hi Ben, I just found this indicator today. its been great. been hearing a lot about it from others and many great review. Thank You!!
I cant see the red and green area in mine. what changes can I make to see that?
 
STOCKSOMETHING said:
hi Ben, I just found this indicator today. its been great. been hearing a lot about it from others and many great review. Thank You!!
I cant see the red and green area in mine. what changes can I make to see that?
Click to expand...

In setting turn on cloud . It's set to off by default.
 
Kenndogg65 said:
Hey Ben- https://tos.mx/RiBfIw. Doesn't seem to be working. Could someone check on this?

Thank you in advance,

Ken
Click to expand...
I checked it, your script is corrupted, the cloud didn't turn on. Use this script which you can turn off and on the cloud. Hope this helps.
Code: 
declare Hide_On_Daily;
declare Once_per_bar;

input OrMeanS = 0930.0; #hint OrMeanS: Begin Mean Period. Usually Market Open EST.
input OrMeanE = 0935.0; #hint OrMeanE: End Mean period. Usually End of first bar.
input OrBegin = 0930.0; #hint OrBegin: Beginning for Period of Opening Range Breakout.
input OrEnd = 1000.0; #hint OrEnd: End of Period of Opening Range Breakout.
input CloudOn = no; #hint CloudOn: Clouds Opening Range.
input AlertOn = yes; #hint AlertOn: Alerts on cross of Opening Range.
input ShowTodayOnly = {"No", default "Yes"};
input nAtr = 4; #hint nATR: Lenght for the ATR Risk and Target Lines.
input AtrTargetMult = 2.0; #hint ATRmult: Multiplier for the ATR calculations.

def h = high;
def l = low;
def c = close;
def bar = barNumber();
def s = ShowTodayOnly;
def ORActive = if secondsTillTime(OrMeanE) > 0 and
secondsFromTime(OrMeanS) >= 0
then 1
else 0;
def today = if s == 0
or getDay() == getLastDay() and
secondsFromTime(OrMeanS) >= 0
then 1
else 0;
def ORHigh = if ORHigh[1] == 0
or ORActive[1] == 0 and
ORActive == 1
then h
else if ORActive and
h > ORHigh[1]
then h
else ORHigh[1];
def ORLow = if ORLow[1] == 0
or ORActive[1] == 0 and
ORActive == 1
then l
else if ORActive and
l < ORLow[1]
then l
else ORLow[1];
def ORWidth = ORHigh - ORLow;
def na = double.nan;
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 - Round(((ORHA - ORLA) / 2) / TickSize(), 0) * TickSize();
def ORActive2 = if secondsTillTime(OREnd) > 0 and
secondsFromTime(ORBegin) >= 0
then 1
else 0;
def ORHigh2 = if ORHigh2[1] == 0
or ORActive2[1] == 0 and
ORActive2 == 1
then h
else if ORActive2 and
h > ORHigh2[1]
then h
else ORHigh2[1];
def ORLow2 = if ORLow2[1] == 0
or ORActive2[1] == 0 and
ORActive2 == 1
then l
else if ORActive2 and
l < ORLow2[1]
then l
else ORLow2[1];
def ORWidth2 = ORHigh2 - ORLow2;
def TimeLine = if secondsTillTime(OREnd) == 0
then 1
else 0;
def ORmeanBar = if !ORActive and ORActive[1]
then barNumber()
else ORmeanBar[1];
def ORendBar = if !ORActive2 and ORActive2[1]
then barNumber()
else ORendBar[1];
def ORL = if (o == 0 , na, o);
plot ORLext = if barNumber() >= highestAll(ORmeanBar)
then HighestAll(if isNaN(c[-1])
then ORL[1]
else double.nan)
else double.nan;
ORLext.SetDefaultColor(color.Yellow);
ORLext.SetStyle(curve.Long_DASH);
ORLext.SetLineWeight(3);
ORLext.HideTitle();
def ORH2 = if ORActive2
or today < 1
then na
else ORHigh2;
plot ORH2ext = if barNumber() >= highestAll(ORendBar)
then HighestAll(if isNaN(c[-1])
then ORH2[1]
else double.nan)
else double.nan;
ORH2ext.SetDefaultColor(color.Green);
ORH2ext.SetStyle(curve.Long_DASH);
ORH2ext.SetLineWeight(3);
ORH2ext.HideTitle();
def ORL2 = if ORActive2
or today < 1
then na
else ORLow2;
plot ORL2ext = if barNumber() >= highestAll(ORendBar)
then HighestAll(if isNaN(c[-1])
then ORL2[1]
else double.nan)
else double.nan;
ORL2ext.SetDefaultColor(color.Red);
ORL2ext.SetStyle(curve.Long_DASH);
ORL2ext.SetLineWeight(3);
ORL2ext.HideTitle();
def RelDay = (ORL - ORL2) / (ORH2 - ORL2);
def dColor = if RelDay > .5
then 5
else if RelDay < .5
then 6
else 4;
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.POINTS);
d2.SetPaintingStrategy(PaintingStrategy.POINTS);
d3.SetPaintingStrategy(PaintingStrategy.POINTS);
d4.SetPaintingStrategy(PaintingStrategy.POINTS);
d5.SetPaintingStrategy(PaintingStrategy.POINTS);
d6.SetPaintingStrategy(PaintingStrategy.POINTS);
d7.SetPaintingStrategy(PaintingStrategy.POINTS);
d8.SetPaintingStrategy(PaintingStrategy.POINTS);
d9.SetPaintingStrategy(PaintingStrategy.POINTS);
d10.SetPaintingStrategy(PaintingStrategy.POINTS);
d1.AssignValueColor(GetColor(Dcolor));
d2.AssignValueColor(GetColor(Dcolor));
d3.AssignValueColor(GetColor(Dcolor));
d4.AssignValueColor(GetColor(Dcolor));
d5.AssignValueColor(GetColor(Dcolor));
d6.AssignValueColor(GetColor(Dcolor));
d7.AssignValueColor(GetColor(Dcolor));
d8.AssignValueColor(GetColor(Dcolor));
d9.AssignValueColor(GetColor(Dcolor));
d10.AssignValueColor(GetColor(Dcolor));
d1.HideBubble();
d2.HideBubble();
d3.HideBubble();
d4.HideBubble();
d5.HideBubble();
d6.HideBubble();
d7.HideBubble();
d8.HideBubble();
d9.HideBubble();
d10.HideBubble();
d1.HideTitle();
d2.HideTitle();
d3.HideTitle();
d4.HideTitle();
d5.HideTitle();
d6.HideTitle();
d7.HideTitle();
d8.HideTitle();
d9.HideTitle();
d10.HideTitle();
addCloud(if CloudOn == yes
then orl
else double.nan
, orl2,createColor(128,0,0), createColor(128,0,0));
addCloud(if CloudOn == yes
then orl
else double.nan
, orh2,createColor(0,90,0), createColor(0,90,0));
# Begin Risk Algorithm
# First Breakout or Breakdown bars
def Bubbleloc1 = isNaN(close[-1]);
def BreakoutBar = if ORActive
then double.nan
else if !ORActive and c crosses above ORH2
then bar
else if !isNaN(BreakoutBar[1]) and c crosses ORH2
then BreakoutBar[1]
else BreakoutBar[1];
def ATR = if ORActive2
then Round((Average(TrueRange(h, c, l), nATR)) / TickSize(), 0) * TickSize()
else ATR[1];
def cond1 = if h > ORH2 and
h[1] <= ORH2
then Round((ORH2 + (ATR * AtrTargetMult)) / TickSize(), 0) * TickSize()
else cond1[1];
plot ORLriskUP = if bar >= OREndBar and !ORActive and today
then HighestAll(ORH2ext - 2)
else double.nan;
ORLriskUP.SetStyle(Curve.Long_Dash);
ORLriskUP.SetDefaultColor(Color.Green);
ORLriskUP.HideTitle();
def crossUpBar = if close crosses above ORH2
then bar
else double.nan;
AddChartBubble(bar == HighestAll(crossUpBar), ORLriskUP, "RiskON ORH", color.green, no);
plot ORLriskDN = if bar >= OREndBar and !ORActive and close < ORL
then HighestAll(ORL2ext + 2)
else double.nan;
ORLriskDN.SetStyle(Curve.Long_Dash);
ORLriskDN.SetDefaultColor(Color.Red);
ORLriskDN.HideTitle();
def crossDnBar = if close crosses below ORL2ext
then bar
else double.nan;
AddChartBubble(bar == HighestAll(crossDnBar), HighestAll(ORLriskDN), "Risk ON ORL", color.red, yes);
# High Targets
plot Htarget = if bar >= BreakoutBar
then cond1
else double.nan;
Htarget.SetPaintingStrategy(paintingStrategy.Squares);
Htarget.SetLineWeight(1);
Htarget.SetDefaultColor(Color.White);
Htarget.HideTitle();
AddChartBubble(BubbleLoc1, Htarget, "RO", color.white, if c > Htarget then no else yes);
def condHtarget2 = if c crosses above cond1
then Round((cond1 + (ATR * AtrTargetMult)) / TickSize(), 0) * TickSize()
else condHtarget2[1];
plot Htarget2 = if bar >= BreakoutBar
then condHtarget2
else double.nan;
Htarget2.SetPaintingStrategy(PaintingStrategy.Squares);
Htarget2.SetLineWeight(1);
Htarget2.SetDefaultColor(Color.Plum);
Htarget2.HideTitle();
AddChartBubble(BubbleLoc1, Htarget2, "2nd T", color.plum, if c > Htarget2
then no
else yes);
def condHtarget3 = if c crosses above condHtarget2
then Round((condHtarget2 + (ATR * AtrTargetMult)) / TickSize(), 0) * TickSize()
else condHtarget3[1];
plot Htarget3 = if bar >= BreakoutBar
then condHtarget3
else double.nan;
Htarget3.SetPaintingStrategy(PaintingStrategy.Squares);
Htarget3.SetLineWeight(1);
Htarget3.SetDefaultColor(Color.Plum);
Htarget3.HideTitle();
AddChartBubble(isNaN(C[-1]), Htarget3, "3rd T", color.plum, if c > Htarget3 then no else yes);
def condHtarget4 = if c crosses above condHtarget3
then Round((condHtarget3 + (ATR * AtrTargetMult)) / TickSize(), 0) * TickSize()
else condHtarget4[1];
plot Htarget4 = if bar >= HighestAll(BreakoutBar)
then condHtarget4
else double.nan;
Htarget4.SetPaintingStrategy(PaintingStrategy.Squares);
Htarget4.SetLineWeight(1);
Htarget4.SetDefaultColor(Color.Plum);
Htarget4.HideTitle();
AddChartBubble(BubbleLoc1, Htarget4, "4th T", color.plum, if c > Htarget4 then no else yes);
def condHtarget5 = if c crosses above condHtarget4
then Round((condHtarget4 + (ATR * AtrTargetMult)) / TickSize(), 0) * TickSize()
else condHtarget5[1];
plot Htarget5 = if bar >= BreakoutBar
then condHtarget5
else double.nan;
Htarget5.SetPaintingStrategy(PaintingStrategy.Squares);
Htarget5.SetLineWeight(1);
Htarget5.SetDefaultColor(Color.Plum);
Htarget5.HideTitle();
AddChartBubble(BubbleLoc1, Htarget5, "5th T", color.plum, if c > Htarget5 then no else yes);
# Low Targets
def cond2 = if L < ORL2 and
L[1] >= ORL2
then Round((ORL2 - (AtrTargetMult * ATR)) / TickSize(), 0) * TickSize()
else cond2[1];
plot Ltarget = if bar >= HighestAll(OREndBar)
then highestAll(if isNaN(c[-1])
then cond2
else double.nan)
else double.nan;
Ltarget.SetPaintingStrategy(PaintingStrategy.Squares);
Ltarget.SetLineWeight(1);
Ltarget.SetDefaultColor(Color.White);
Ltarget.HideTitle();
AddChartBubble(BubbleLoc1, cond2, "RO", color.white, if c < Ltarget
then yes
else no);
def condLtarget2 = if c crosses below cond2
then Round((cond2 - (AtrTargetMult * ATR)) / TickSize(), 0) * TickSize()
else condLtarget2[1];
plot Ltarget2 = if bar >= HighestAll(OREndBar)
then highestAll(if isNaN(c[-1])
then condLtarget2
else double.nan)
else double.nan;
Ltarget2.SetPaintingStrategy(PaintingStrategy.Squares);
Ltarget2.SetLineWeight(1);
Ltarget2.SetDefaultColor(Color.Plum);
Ltarget2.HideTitle();
AddChartBubble(BubbleLoc1, condLtarget2, "2nd T", color.plum, if c < condLtarget2
then yes
else no);
def condLtarget3 = if c crosses below condLtarget2
then Round((condLtarget2 - (AtrTargetMult * ATR)) / TickSize(), 0) * TickSize()
else condLtarget3[1];
plot Ltarget3 = if bar >= HighestAll(OREndBar)
then highestAll(if isNaN(c[-1])
then condLtarget3
else double.nan)
else double.nan;
Ltarget3.SetPaintingStrategy(PaintingStrategy.Squares);
Ltarget3.SetLineWeight(1);
Ltarget3.SetDefaultColor(Color.Plum);
Ltarget3.HideTitle();
AddChartBubble(BubbleLoc1, condLtarget3, "3rd T", color.plum, if c < Ltarget3
then yes
else no);
def condLtarget4 = if c crosses condLtarget3
then Round((condLtarget3 - (AtrTargetMult * ATR)) / TickSize(), 0) * TickSize()
else condLtarget4[1];
plot Ltarget4 = if bar >= HighestAll(OREndBar)
then highestAll(if isNaN(c[-1])
then condLtarget4
else double.nan)
else double.nan;
Ltarget4.SetPaintingStrategy(PaintingStrategy.Squares);
Ltarget4.SetLineWeight(1);
Ltarget4.SetDefaultColor(Color.Plum);
Ltarget4.HideTitle();
AddChartBubble(BubbleLoc1, condLtarget4, "4th T", color.plum, if c < Ltarget4
then yes
else no);
def condLtarget5 = if c crosses condLtarget4
then Round((condLtarget4 - (AtrTargetMult * ATR)) / TickSize(), 0) * TickSize()
else condLtarget5[1];
plot Ltarget5 = if bar >= HighestAll(OREndBar)
then highestAll(if isNaN(c[-1])
then condLtarget5
else double.nan)
else double.nan;
Ltarget5.SetPaintingStrategy(PaintingStrategy.Squares);
Ltarget5.SetLineWeight(1);
Ltarget5.SetDefaultColor(Color.Plum);
Ltarget5.HideTitle();
AddChartBubble(BubbleLoc1, condLtarget5, "5th T", color.plum, if c < Ltarget5
then yes
else no);
def last = if secondsTillTime(1600) == 0 and
secondsFromTime(1600) == 0
then c[1]
else last[1];
plot LastClose = if Today and last != 0
then last
else Double.NaN;
LastClose.SetPaintingStrategy(PaintingStrategy.Dashes);
LastClose.SetDefaultColor(Color.White);
LastClose.HideBubble();
LastClose.HideTitle();
AddChartBubble(SecondsTillTime(0930) == 0, LastClose, "PC", color.gray, yes);
alert(c crosses above ORH2, "", Alert.Bar, Sound.Bell);
alert(c crosses below ORL2, "", Alert.Bar, Sound.Ring);
# End Code ORB with Risk and targets
 
Last edited by a moderator:
Hey guys, I wanted to see if someone could please put something together for me. I'd like something like some of @BenTen opening range breakout indicators, but that just plots lines of where the price range during the morning from 930am-1005am and again from 1330-1405pm.

It would be awesome if we could also make a watchlist like the opening range breakout column that makes a column to show if the price is in the Afternoon Range, between the morning and afternoon or in the morning range. If thats too much, then just the watchlist column showing if the price is within the afternoon range or not.

I would like to backtest a strategy with this. and if it works how I theorize it will perhaps we could work together to make an indicator and strategy out of it. If you are interested in this strategy please let me know and I can explain it.


Thanks for your help!


Here is a pic of an indicator that does the same thing, but on TradingView that I saw someone post.

NEgxxpe.png
 
Last edited by a moderator:
mtntempo said:
Hey guys, I wanted to see if someone could please put something together for me. I'd like something like some of @BenTen opening range breakout indicators, but that just plots lines of where the price range during the morning from 930am-1005am and again from 1330-1405pm.

It would be awesome if we could also make a watchlist like the opening range breakout column that makes a column to show if the price is in the Afternoon Range, between the morning and afternoon or in the morning range. If thats too much, then just the watchlist column showing if the price is within the afternoon range or not.

I would like to backtest a strategy with this. and if it works how I theorize it will perhaps we could work together to make an indicator and strategy out of it. If you are interested in this strategy please let me know and I can explain it.


Thanks for your help!


Here is a pic of an indicator that does the same thing, but on TradingView that I saw someone post.

NEgxxpe.png
Click to expand...
yeah ofcourse i would just use two open range breakouts, and change the times of one indicator. here is the indicator, i would also change it to show today only. https://usethinkscript.com/threads/opening-range-breakout-indicator-for-thinkorswim.16/
how do you use this to trade if you dont mind me asking.
 
This might be a noob question. Can somebody please explain what does below means and how they are used for trading.
  1. RO
  2. 1st T, 2nd T etc.
  3. Risk on ORL and Risk ORH
  4. PC
  5. The thicker green and the red lines are range for the first 30 mins (Understood). What are the yellow and thin red & green lines for.
 
amzsup said:
This might be a noob question. Can somebody please explain what does below means and how they are used for trading.
  1. RO
  2. 1st T, 2nd T etc.
  3. Risk on ORL and Risk ORH
  4. PC
  5. The thicker green and the red lines are range for the first 30 mins (Understood). What are the yellow and thin red & green lines for.
Click to expand...

RO=risk off 1st T, 2nd T etc.=targets ORL/H=opening range low high
The yellow dashed line is the Day Filter Line and is used to determin the trend direction for the day. The dominant time spent above or below this line during the Opening Range Period typically determines the days trend. The Opening Range is plotted with a green and red dashed line. Trades can be taken when there is an open outside these range lines. Up to 5 Targets are generated using Average True Range to plot target lines. When price crosses the first target line part of the trade should be taken as Risk Off profit and a stop should be placed at the entry point ensuring a profitable trade.
Click to expand...

Read the 1st post in this thread and all the following threads did get a more detail understanding.
 
mtntempo said:
Hey guys, I wanted to see if someone could please put something together for me. I'd like something like some of @BenTen opening range breakout indicators, but that just plots lines of where the price range during the morning from 930am-1005am and again from 1330-1405pm.

It would be awesome if we could also make a watchlist like the opening range breakout column that makes a column to show if the price is in the Afternoon Range, between the morning and afternoon or in the morning range. If thats too much, then just the watchlist column showing if the price is within the afternoon range or not.

I would like to backtest a strategy with this. and if it works how I theorize it will perhaps we could work together to make an indicator and strategy out of it. If you are interested in this strategy please let me know and I can explain it.


Thanks for your help!


Here is a pic of an indicator that does the same thing, but on TradingView that I saw someone post.

NEgxxpe.png
Click to expand...
@michigandolf has a nice 30min OR on tradingview just fyi if you ae looking for another
 
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