Opening Range Breakout Indicator for ThinkorSwim

Ben's Swing Trading Strategy + Indicator

I wouldn't call this a course. My goal is zero fluff. I will jump right into my current watchlist, tell you the ThinkorSwim indicator that I'm using, and past trade setups to help you understand my swing trading strategy.

I'm Interested

somedudeonThinkScript said:
@BenTen just found this and want to say thanks! haven't made any money yet but reviewing previous day with this seems to work!
Click to expand...
yeah basically you also have to understand why this strategy might work too, there is a lot of ideas that might make the market move in the way that it does that's why i cant say that this is a definite reason, but this works because of accumulated volume from previous time frame, when the market opens is a crazy moment because price(value) is balancing itself out quickly, therefore this can be consider a value are(not to be confuse with value area of volume profile) but basically all this is saying it this is where value was finding itself within all the chaos of the first 30 minutes or hour or whatever you choose the time frame to be, so if its above you can consider the buyers to have won, but winning doesnt mean staaying green, because of volume, meaning that it has to find an are where there are buyers and sellers, so think about this if it breaks above or below the ORB it can be to, find volume, to trick you into a fake break out (which is not really tricking you with malice the market just moves that way trying to find volume and time), it can truly be a real a breakout, but that depends on what happened the previous days and how hard it breaks above or below, you know. I can go more into detail but basically looking back can help you gauge what the move above or below the orb means. the ORB is basically the area of battle within that day, now you have to understand the day which you are in. are you on a bounce day, day making new lows new highs, where in the cycle are you. thats what i understand about it. Also i should inform you that I am not a profitable trader yet.
 
BenTen said:
Recently came across this cool indicator called Opening Range Breakout by Mobius. This is more than just an indicator. There is also a strategy with risk and target lines included.



thinkScript Code

After adding the indicator, I couldn't quite understand it much. From looking at it, seems more like a support and resistance indicator to me. I watched a few YouTube videos about the Opening Range Breakout and was able to make some changes to the current code. As a result, I was able to have a clear picture of what this indicator does.

Here is my own version of it:

Rich (BB 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(244,83,66), createColor(244,83,66));
addCloud(if CloudOn == yes
         then orl
         else double.nan
       , orh2,createColor(66,244,131), createColor(66,244,131));
# 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

Shareable Link: https://tos.mx/qu3Cu0

Now that you have the indicator added, let's get some terminology out of the way.
  • The green shadow is called the Bull Zone
  • The red shadow is called Bear Zone
  • Anywhere above the Bull Zone is called the Breakout Zone
  • Anywhere below the Bear Zone is called the Breakdown Zone

Hopefully you were able to understand those terms from this picture.

6TYzeF5.png


The Setup

  • 5 or 15 minutes timeframe
  • Heikin-Ashi candlestick
  • Disable pre-market and after-hour market
  • TEMA (30)
  • EMA (20)
  • Supertrend Indicator

Usage #1: Taking Advantage of Breakout Zone

Once the stock reaches above the breakout zone, we buy calls.

Usage #2: Taking Advantage of Breakdown Zone

Do the same as above. If the stock start to go from Bear Zone to breakdown zone, we start shorting it.

Usage #3: Avoid Misleading Signals given by Supertrend

A lot of people brought up a really good point about Supertrend. That is sometimes it would give false signals. And I also seen it first hand too. The Opening Range Breakout Indicator will allows us to resolve that.

Example #1: Don't short when the candles are still in the Bull Zone.

ITKLEOm.png


The only time that it is reasonable to short while the candles are still in Bull Zone is: IF the candle are by the border of Bull Zone and Bear Zone. Even better if it's already crossing the border into Bear Zone.

Example #2: Don't Buy Calls in Breakdown Zone

If you think the Bear Zone is worst, wait until you buy calls in the Breakdown Zone. That's a hard pass.

35EW7Rf.png


Again, sometimes it may be reasonable to buy calls if the candles are crossing the border going back to Bear Zone, then you may have a chance to pull thru and get above it. But anywhere between the Bear Zone and Breakdown Zone, be cautious, especially if you're already deep down in the Breakdown Zone.

Here is another example of "don't buy calls in the Breakdown zone"

EUamb16.png


The following screenshot will tell us a few things.

telbFSl.png


  1. When the Supertrend is giving us a buy signal, and that candle is crossing from Bear Zone into Bull Zone, then it's potentially setting up for a call play. (circle #1)
  2. Unlike the rule of not buying calls when you're in Breakdown Zone, shorting when in Breakout Zone could potentially be profitable too. But only if it's reasonable. Look at circle #2. It rejected the white dotted line, which is an additional border to enter another Breakout Zone. Since it rejected the second breakout area, we could take advantage of the Supertrend signal to go short.
  3. Circle #3 and #4, don't short in Breakout Zone without reasonable evidence (I like to use Support and Resistance during the Breakout and Breakdown Zone).

When the Supertrend is showing a buy signal while the candle is in Bull Zone then it's fairly safe to take it. When Supertrend is showing a short signal while the candle s in Bear Zone, then it's fairly safe to short at that point. Treat these zones as the home of Bears and Bulls.

I think the concept is pretty simple and straightforward here. Give it a spin and let me know how it goes for you guys.

Feel free to post questions, ideas, or any additional finding from this indicator.

P.S: I'll let Steve talk more about the usage of TEMA and EMA when he's on.

Update: A different version with Fibonacci Levels.

Here is the scanner for anyone interested.
Click to expand...
Hi BenTen, is it possible to add a label when the candle crosses the breakout or breakdown zone?
 
VickyVJ said:
Hi BenTen, is it possible to add a label when the candle crosses the breakout or breakdown zone?
Click to expand...

Add this to the bottom of the above code. If there is a cross of the breakout range then a green "Crossing Above" or a red "Crossing Below" labe; will appear. If a crossing has occurred, then a green "Above" or red "Below" bubble will appear if close is above or below the breakout range. Otherwise a "Neutral" bubble will appear.

[Edit - The following code is in the next post, including the def cross that I did not paste here originally
[CODE
def cross = if c crosses above ORH2 then 1
else if c crosses below ORL2 then -1
else 0;

input showlabels = yes;
AddLabel(showlabels, if cross == 1 then "Crossing Above"
else if c > ORH2 then "Above" else "", Color.GREEN);
AddLabel(showlabels, if cross == -1 then "Crossing Below"
else if c < ORL2 then "Below" else "", Color.RED);
AddLabel(showlabels, if Between(c, ORL2, ORH2) then "Neutral" else "", Color.YELLOW);
[/CODE]
Click to expand...
 
Last edited:
VickyVJ said:
Hi BenTen, is it possible to add a label when the candle crosses the breakout or breakdown zone?
Click to expand...

Inputs a and b move the bubbles left/right in the below script.

Ruby: 
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(244, 83, 66), CreateColor(244, 83, 66));
AddCloud(if CloudOn == yes
         then ORL
         else Double.NaN
       , ORH2, CreateColor(66, 244, 131), CreateColor(66, 244, 131));
# 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;
input b  = 5;
def   b1 = b + 1;
AddChartBubble(!isnan(close[b1]) and isnan(close[b]), ORLriskUP[b], "ROn \nORH", 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;
input bb  = 5;
def   bb1 = bb + 1;
AddChartBubble(!isnan(close[bb1]) and isnan(close[bb]), HighestAll(ORLriskDN[bb1]), "ROn \nORL", 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();

input a  = 2;
def   a1 = a + 1;
AddChartBubble(!isnan(close[a1]) and isnan(close[a]), Htarget[a1], "ROff", Color.WHITE, if c[a1] > Htarget[a1] 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();

input aa  = 2;
def   aa1 = aa + 1;
AddChartBubble(!isnan(close[aa1]) and isnan(close[aa]), cond2[a1], "ROff", 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);

def cross =  if c crosses above ORH2 then 1
             else if c crosses below ORL2 then -1
             else 0;

input showlabels = yes;
AddLabel(showlabels, if cross == 1 then "Crossing Above"
                     else if c > ORH2 then "Above" else "", Color.GREEN);
AddLabel(showlabels, if cross == -1 then "Crossing Below"
                     else if c < ORL2 then "Below" else "", Color.RED);
AddLabel(showlabels, if Between(c, ORL2, ORH2) then "Neutral"  else "", Color.YELLOW);
# End Code ORB with Risk and targets
Click to expand...
 
I cant seem to get this indicator to work on the mobile app.
Any setting suggestions that will help.
All the lines are scrunched up together
 
mcallen said:
I cant seem to get this indicator to work on the mobile app.
Any setting suggestions that will help.
All the lines are scrunched up together
Click to expand...
there are elements that will not work on TOS Mobile, Including Clouds, which this indicators uses.
 
Thanks for the indicator. what does Risk on ORL and ORH mean and why are the bubbles on the opposite side of the ORH and the ORL? Thanks in advance!
 
howie said:
Great job to whoever wrote this code. I am not trying to step on any toes here as this is not my code. I edited the ORBI code as follows and it appears to work great with the super trend. Not sure if I did this correctly though. I took code from 2 different places In this thread if i remember. You have to remember to go to the settings of the study and turn on the cloud, alert, and show today only if you are only viewing a "today" chart, then also go to the chart settings in TOS, under equities and adjust to hide or show closed times. I just have not jumped in and started to use it yet. I tried once or twice with $tsla and find it is hard to be quick, so I have to play with my time frames, 2-3 min vs 5 min vs 15 min.

https://imgur.com/a/l1nQsT4


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(244,83,66), createColor(244,83,66));
addCloud(if CloudOn == yes
         then orl
         else double.nan
       , orh2,createColor(66,244,131), createColor(66,244,131));
# 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
Click to expand...
I have been following using this indicator and it is fantastic, I haven't traded but the study is awesome correct and very impressive work!.
 
howie said:
Great job to whoever wrote this code. I am not trying to step on any toes here as this is not my code. I edited the ORBI code as follows and it appears to work great with the super trend. Not sure if I did this correctly though. I took code from 2 different places In this thread if i remember. You have to remember to go to the settings of the study and turn on the cloud, alert, and show today only if you are only viewing a "today" chart, then also go to the chart settings in TOS, under equities and adjust to hide or show closed times. I just have not jumped in and started to use it yet. I tried once or twice with $tsla and find it is hard to be quick, so I have to play with my time frames, 2-3 min vs 5 min vs 15 min.

https://imgur.com/a/l1nQsT4


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(244,83,66), createColor(244,83,66));
addCloud(if CloudOn == yes
         then orl
         else double.nan
       , orh2,createColor(66,244,131), createColor(66,244,131));
# 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
Click to expand...
@BenTen can I ask few questions. 1. I noticed that above Bull zone I see Risk On bubble and below Bullzone I see Risk off what are they indicating 2. I'm seeing a second red and green dashed lines inside the corresponding zones as shown in attached picture with R On ORL while in bull zone and R on ORH what are they indicating? I'm a new member so unable to attach, hope you can still answer my questions. Appreciate your time!!

Hi Howie, can I ask a question related to this study, what does the Red buble ROn ORL, ROn ORH and Roff indicating?. Also ROff means risk off does that mean take profit and adjust stop loss?
 
vgr said:
@BenTen can I ask few questions. 1. I noticed that above Bull zone I see Risk On bubble and below Bullzone I see Risk off what are they indicating 2. I'm seeing a second red and green dashed lines inside the corresponding zones as shown in attached picture with R On ORL while in bull zone and R on ORH what are they indicating? I'm a new member so unable to attach, hope you can still answer my questions. Appreciate your time!!

Hi Howie, can I ask a question related to this study, what does the Red buble ROn ORL, ROn ORH and Roff indicating?. Also ROff means risk off does that mean take profit and adjust stop loss?
Click to expand...
I have the same question, just a few posts above yours. I'm a new member as well and hope that someone can provide the answer.
 
MerryDay said:
RO=risk off 1st T, 2nd T etc.=targets ORL/H=opening range low high


Read the 1st post in this thread and all the following threads did get a more detail understanding.
Click to expand...
@MerryDay I'm not still clear on what these thin red and green dashed lines are. in my observation I noticed that red and green thin dashed lines are forming randomly meaning, Today I watched $GPN and there the green thin dashed line is inside the green bull zone and there is no red thin line at all but there is bubble right above that says Ron ORL, and on other tickers I see green thin dashed lined below the Red Bear zone way far from bear zone ( green line outside a bull zone what is that saying?) and also the bubble say ROn ORH means you can safely enter a call if a candle open above this line , is that correct assumption? is there a way to attach picture without having to create login with imgur? I want to show some screenshots.
 
vgr said:
@MerryDay I'm not still clear on what these thin red and green dashed lines are. in my observation I noticed that red and green thin dashed lines are forming randomly meaning, Today I watched $GPN and there the green thin dashed line is inside the green bull zone and there is no red thin line at all but there is bubble right above that says Ron ORL, and on other tickers I see green thin dashed lined below the Red Bear zone way far from bear zone ( green line outside a bull zone what is that saying?) and also the bubble say ROn ORH means you can safely enter a call if a candle open above this line , is that correct assumption? is there a way to attach picture without having to create login with imgur? I want to show some screenshots.
Click to expand...
The basic premise (this is from the top post. Read through the whole thing for more detail)
  • The green shadow is called the Bull Zone
  • The red shadow is called Bear Zone
  • Anywhere above the Bull Zone is called the Breakout Zone
  • Anywhere below the Bear Zone is called the Breakdown Zone
1641448104020.png


Remember that the stock action does not always read the book. This gives you the basic trade-able scenarios. If practicing w/ this strategy it is best to stick to stocks that line up w/ the standard setup.
 
MerryDay said:
@vgr @darbymillion
https://usethinkscript.com/threads/...ndicator-for-thinkorswim.16/page-4#post-83131
https://usethinkscript.com/threads/...ndicator-for-thinkorswim.16/page-2#post-56866
Click to expand...
Thanks @MerryDay But what does the phrase "risk on" low or high actually mean? And why don't their bubbles not correspond with the sides of the indicator they represent? Meaning: The RON ORL bubble is in the breakout zone and the RON ORH is in the breakdown zone. Thanks in advance.
 
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VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Learn all about VIP membership here.
How can I access the premium indicators?
To access the premium indicators, which are plug and play ready, sign up for VIP membership here.
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