Opening Range Breakout Indicator for ThinkorSwim

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Likos

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@BenTen Scanning for stock items at 5-6am for (stocks under $10) Unusual volume & price increase.

 
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BenTen

BenTen

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@Likos For standard filters, you can already include that with built-in ToS features. Check out the ORB scanner here.

 
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L

Likos

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@BenTen How do I put bear/Bull zone as you did?

 
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BenTen

BenTen

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@Likos You don't. That was added through a photo editing software lol.

 
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full_of_options

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Hey man, could you please explain the reasoning behind using the Heikin-Ashi candlesticks as opposed to the standard candlesticks with these indicators for intraday trading or suggest some other chart style you feel might work well for it without needing to sacrifice accurate price and gap information? Thanks as always.

 
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BenTen

BenTen

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@full_of_options I posted this back when I first discovered Heikin-Ashi. Since then I found out about the fact that this type of candles doesn't show the real price. I have changed to the regular candles after that. But the concept remains the same. Lastly, Heikin is a trend candle so I figured it should work fairly well with this strategy.

 
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markos

markos

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Two successful ORB traders that I have spoken with only trade /es or /ym with the ORB. But, to each their own.

 
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pet76

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@BenTen well what mean when i find PC


 
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BenTen

BenTen

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@pet76 Previous Close

 
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markos

markos

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Rich (BB code):
# Mobius from TSL April, 2019
# Opening Range Breakout - UP 
# Highest and Best use for this scan is as a Dynamic WatchList 
# Scan Resets Every Day
 
# Set Aggregation Period to 5 minutes or less  
# Mobius 
# Scan 
 
def Active = if SecondsFromTime(0930) > 0 and 

                SecondsTillTime(0945) >= 0 

             then 1 

             else 0; 

def ActiveHigh = if Active and !Active[1] 

                 then high 

                 else if Active and 

                         high > ActiveHigh[1] 

                       then high 

                       else ActiveHigh[1]; 

plot Breakout = if !Active and close > ActiveHigh 

                then 1 

                else 0;
 
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markos

markos

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I pasted it all as code, don't know where bold came from...

 
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BenTen

BenTen

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@markos I just fixed it for you. There needs to be 3 (three) at the beginning and end of the code block.

 
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pet76

New member
@BenTen thank alot for help with this indicator i starded with small %% ami winning 200%

 
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Shaishen

New member
Found this forum a few days ago, very impressive.

ORB and modifications like Fisher ACD are apparently methods applied by the "pros" in futures trading.



I would like to run a few simple backtests on TOS which would require to add buy/sell orders to create a strategy. I searched the forum but could not find anything.

My coding skills are rather basic - I tried to use "AddOrder" functions but keep getting errors.

It would be interesting to test 3 lots Buy/Sell at BO, take 1st profit at size of BO-range and 2nd traget 1.5 BO-range. Ideally the 3rd target protected by trailing stop.

However also without the trailing stop option backtesting with 2 fixed targets should yield something to work with.

Stop Loss for all 3 (rsp 2) lots should be the "other side" of the BO range.

Thank you for your attention

 
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BenTen

BenTen

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@Shaishen Hey, welcome 😀 It's interesting that you're looking to add auto buy and sell feature into the ORB indicator. That is something we're working on behind the scenes at the moment as well. I hope to release it soon so the members can play around it with. Another point to note is that there is no partial profit taking in ToS' buy and sell functions yet.

Code:
AddOrder(OrderType.BUY_TO_OPEN
and
Code:
close crosses above OpenRangeHigh
should help you get started in the meantime.

 
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Vitesse

New member
Hi Ben, just found your site. Wonderful work here.



Looking at your indicator, is it possible to

customize the OR period to different time frames and keeping that OR period whilst looking at another time frames. Eg, changing the OR period to 3min but in a 30min chart?

Thank you.

 
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BenTen

BenTen

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@Vitesse Glad to have you 😀 The ORB should work on any timeframes.

 
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Shaishen

New member
@BenTen Thank you for your reply. Your work behind the scenes sounds exciting.

No scale out function yet in TOS - I overlooked that.

Thank you for the code snippet - order entries are now visible on the chart - and the error code is gone 😃

.

 
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Vitesse

New member
@BenTen

Thank you for your reply. I do understand that it works for anytime frame but when you change the time frame, the OR changes together. Is it possible to set a fixed OR time regardless of the chart time frame used? Like looking at a 30 min chart but with OR set in 5 min range?

 
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