Opening Range Breakout Indicator for ThinkorSwim

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
hi man, i was wondering is there a way to removed the- RISK ON/OFF ORH labels
they kinda take lots of space, and i know once below above line its risk on off etc
thanks

is there away to remove them? IVE been using for a while but i added new script and its annoying
 
Last edited by a moderator:

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hi man, i was wondering is there a way to removed the- RISK ON/OFF ORH labels
they kinda take lots of space, and i know once below above line its risk on off etc
thanks

is there away to remove them? IVE been using for a while but i added new script and its annoying

The general way to manage the display of 'bubbles' or 'labels' through an input which can be set to yes/no.

The following code uses the input showriskbubbles = no; The showriskbubbles was then added to each of the addchartbubble and/or addlabel functions to control their display.

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
input showriskbubbles = no;
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(showriskbubbles and !isnan(close[b1]) and isnan(close), ORLriskUP, "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(showriskbubbles and !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(showriskbubbles and !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(showriskbubbles and !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

 
t
The general way to manage the display of 'bubbles' or 'labels' through an input which can be set to yes/no.

The following code uses the input showriskbubbles = no; The showriskbubbles was then added to each of the addchartbubble and/or addlabel functions to control their display.
thank you so much man! it was gettin in way w my other stuff! now im ready to win!
 
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.
What is the white line labeled PC for?
 
Is the ORB study applicable to indices? The behavior is different than on equities.
 
Last edited:
The general way to manage the display of 'bubbles' or 'labels' through an input which can be set to yes/no.

The following code uses the input showriskbubbles = no; The showriskbubbles was then added to each of the addchartbubble and/or addlabel functions to control their display.

Thank you for sharing this. It works as expected except for the ORH & ORL alerts, even when set to yes they don't work - at least not for me.

P.S. My input values are slightly different because I want a 1 min chart ignoring the first bar, so 931, 932, 931, 945 are the inputs.
 
Last edited:
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.
in regards to this ORB indicator, can I ask is there a way to place an arrow or wedge on the bar when its has 1.5% unusual higher volume in certain zones?
For example, if the volume is 1.5% higher than the average volume and the red candle is in the red zone, can I have down wedge and vice versa for a green candle in the green zone.
I was trying to add it myself but I couldn't figure how to have the code to read when the candle closes in certain zones.
Greatly appreciate the help
 
Last edited by a moderator:
The price lags and isn't current with the version that I have. I may just have the wrong version. Is there a working ORB out there or at least an indicator that will auto mark the 30m levels? I typically like to mark the 30m ORB levels as well as PM high & low
 
@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/
in regards to this ORB indicator, can I ask is there a way to place an arrow or wedge on the bar when its has 1.5% unusual higher volume in certain zones?
For example, if the volume is 1.5% higher than the average volume and the red candle is in the red zone, can I have down wedge and vice versa for a green candle in the green zone.
I was trying to add it myself but I couldn't figure how to have the code to read when the candle closes in certain zones.
Greatly appreciate the help
 
Last edited by a moderator:
in regards to this ORB indicator, can I ask is there a way to place an arrow or wedge on the bar when its has 1.5% unusual higher volume in certain zones?
For example, if the volume is 1.5% higher than the average volume and the red candle is in the red zone, can I have down wedge and vice versa for a green candle in the green zone.
I was trying to add it myself but I couldn't figure how to have the code to read when the candle closes in certain zones.
Greatly appreciate the help
There is no volume calculations in the script posted in the top post upon which to fulfill your request for volume arrows.
You would need to combine volume into a new script.
You would need to get a member interested in such a project.
Or you can try to create such a combination indicator on your own:
https://usethinkscript.com/threads/combine-studies-indicators-in-thinkorswim.8766/
 
@MerryDay Hi Merry, right now the opening range appears at 7:00 AM PST. How do i change it so it appears at whatever time i choose?
Click on the gear to the right of the study. Change time to whatever you want.
American exchanges run on Eastern Standard Time:
VMzCNTV.png
 
TSLA trying to cross the border going into Bull Zone but got hit with a resistance and fell back down. Supertrend came through.

LgK938z.png
can someone help me understand the ROn ORH and ROn ORL dhased lines are for? do they mean that we can enter long on ROn ORH line above the Yellow dsahed line?.
can someone talk about the Risk ON ORL bubble in the above picture? I have read the entire thread but couldn't figure out when to and how to use or take advantage of them. Appreciate your time in advance!!
 
Last edited by a moderator:
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
Good Morning,, i am a label addict,, i love this idea of a label for the ORB,,,, anyway can help code a couple labels or maybe 1 labels that shows,,,

a dynamic label for when it crosses above or below premarket levels,, maybe a seperate label or same label but different color for when it breaks pre market levels but it is still inside of previous days hi and low,,,, maybe label turns yellow when it has only broke premartket and green when pre market and previous days have been broken above red when broken below,,,, Gray when it is inside both premarket levels and
previous day,,,
 
Hello
I need help to drow line open and close of candle 30 minutes
I am not really expert , any help would be appreciated
I found this indicator on forum
So far no success my understanding of coding very limited
Code:
def OpenRangeMinutes = 30;
def MarketOpenTime = 0930;
def LastBar = SecondsFromTime(1530) == 0;
input TimeToStopSignal = 1525;
def TradeTimeFilter = SecondsFromTime(TimeToStopSignal);
input ShowTodayOnly = no;

AddVerticalLine(SecondsFromTime(0930)==0,"Open",Color.Gray,Curve.SHORT_DASH);
AddVerticalLine(!TradeTimeFilter,"Last Signal",Color.Dark_Gray,Curve.SHORT_DASH);
def Today = if GetDay() == GetLastDay() then 1 else 0;
def FirstMinute = if SecondsFromTime(MarketOpenTime) < 60 then 1 else 0;
def OpenRangeTime = if SecondsFromTime(MarketOpenTime) < 60 * OpenRangeMinutes then 1 else 0;

def ORHigh =  if FirstMinute then high else if OpenRangeTime and high > ORHigh[1] then high else ORHigh[1];
def ORLow = if FirstMinute then low else if OpenRangeTime and low < ORLow[1] then low else ORLow[1];
 
can someone help me understand the ROn ORH and ROn ORL dhased lines are for? do they mean that we can enter long on ROn ORH line above the Yellow dsahed line?.
can someone talk about the Risk ON ORL bubble in the above picture? I have read the entire thread but couldn't figure out when to and how to use or take advantage of them. Appreciate your time in advance!!
This indicator is for those looking to automate their existing but manual Opening Range Breakout Strategy. The 1st eight posts are the most comprehensive examples in the thread.

If they are not clear enough to you. Perhaps you don't have enough understanding of this type of strategy. This particular thread is a bit complex to try to learn to trade Opening Range Breakouts unless you are an experienced scripter and can read the code.

An Internet search of Opening Range Breakout Indicator will bring you 5million results to assist in learning more about this type of strategy.

Hello, what does the "RO" mean in this study? It is a bold white line
Risk off
 
Last edited:

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