Opening Range Breakout Indicator for ThinkorSwim

BenTen

BenTen

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@thinky Images has been turned off because we're fixing some stuff on the backend. The cloud worked for me. I just tested it just now.

 
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thinky

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Edited my previous message. Yes, they work, but hardly notice them, not like your screenshot. Is there a transparency setting?

Anyway to share your settings for this indicator, I don't have it as clearly formatted as your screenshot above.
 
BenTen

BenTen

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Edited my previous message. Yes, they work, but hardly notice them, not like your screenshot. Is there a transparency setting?
Nope. Didn't do anything to it except for switching the Cloud setting from No to Yes. Maybe something else in your ThinkorSwim is messing it up.
 
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thinky

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Ok, have nothing else on the chart, plain ToS workspace.

 
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BenTen

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@thinky Looks like you have a different chart's background than mine. If you want to make the red and green areas darker you can change it in the source code.
 
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Gmrat468

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My question is how are the OR targets calculated ? Do they use an ATR calculation, and they appear to change based on the different time frames, 1 min vs 5 or 15. I havent used them in a live trading day just looking at yesterdays charts with them as I just found this scan tonight.
 
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Gmrat468

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So based on the ATR the targets shouldnt change on different time frames right?
apologize for the newbie question, lol
 
BenTen

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@Gmrat468 I don’t use the profit target features so I can’t comment on that. I find it inaccurate most of the time. You may want to stick with just the ORB lines.
 
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Gmrat468

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Fair enough thanks. Is there any way to lock the OR breakout bands to a single time frame while changing through time frames daily. I want to trade the one minute OR so i set the settings to 930 and 931 on both OR mean and OR begin and end. then when i go to my charts and look at it on the one minute its great , but if I change the time frame to intrady 5 min all the targets and Opening range change . I tend to start with the one minute to set my range but then ill migrate between 2 and 5 minute charts throuhgout the day. Anyt way to set the ranges for one minute and be able to switch back and forth or should i just use a different window to check different time frames.
 
BenTen

BenTen

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@Gmrat468 Unfortunately you can't lock the ORB period in.
 
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thinky

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The bubbles for "Risk ON ORL" can't be disabled via settings (the plots can be), but only need to comment out ("#" in front) two lines of code.

212 # AddChartBubble(bar == HighestAll(crossUpBar), ORLriskUP, "Risk\nON ORH", color.green, no);
...
222 # AddChartBubble(bar == HighestAll(crossDnBar), HighestAll(ORLriskDN), "Risk\nON ORL", color.red, yes);

FYI, even if you disable the study, the labels appear in the chart ("RO", "2nd T", "Risk ON ORL", etc.)

 
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markos

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Fair enough thanks. Is there any way to lock the OR breakout bands to a single time frame
Here's a potential tip: if this works for your situation, click your mouse wheel and a drawing pallet will show up. Click line and put it on your chart then click your mouse wheel again and click back to the arrow or whatever else you were using.
 
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Gmrat468

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Thanks Markos, I have done that in the past.
I traded with the OR last week and was ok switching back and forth between time frames. found the 5 minute suited me best.
The benefit for me with the indicator is the levels and just being a visual refernence i can check quik while scanning through charts,
really like the indicator so far.
 
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mowen

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Hello Ben, will this indicator work with Forex? Or is this just for regular stocks? Thanks.
 
BenTen

BenTen

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@mowen I’m not sure. You can add it to your Forex chart and see if it plot anything.
 

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