Opening Range Breakout Indicator for ThinkorSwim
- Thread starter BenTen
- Start date
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.
it will work ,what i did is ,added the script twice and left one as is and changed the other to Asia opening time. hope this helps.
Good news!
Yes, that is the layout for the opening range breakout.
Except:
- Disable pre-market and after-hour market
I need help with several indicators I have been using them for a short time and I have a hard time understanding them.PC
I also want to know from these indicators the white support and the short ok I know it is a PUT but the point that comes out that means
http://tos.mx/!xke7riG8
This indicator is what I need to understand.
This is the Opening Range Breakout Strategy
You will find that the 12 pages in this thread discuss in-depth its use.
Keep this in mind:
https://usethinkscript.com/threads/...dicator-for-thinkorswim.16/page-9#post-134700
ORB strategies are one of the oldest day trading strategies.
So there is also much discussion of ORBs on the web.
Maybe with this compiled additional information from Mobius one can create a great ORB trading strategy:
Mobius' additional rules for trading ORB:
Mobius' RSI-L notes:
Mobius' rules for trading Pivots:
Mobius' LRC notes:
Using Monthly POC's as additional support/resistance areas:
Hope this additional info helps!
Looking at Mobius' notes in thinkscript_Cloud, and found this:
Mobius' additional rules for trading ORB:
Advance/Decline Line Indicator (AD)
Mobius' RSI-L notes:
Mobius' rules for trading Pivots:
Mobius' LRC notes:
Using Monthly POC's as additional support/resistance areas:
Hope this additional info helps!
Here's exactly what we're going to cover:
- the market open volume report — which tells you if the day will likely be high or low volume based on the opening period
- the opening candle continuation report — which predicts if the day will close green or red based on the first 60 minutes
- the inside bars report — which tells you how likely price is to tag yesterday's high or low
- how to combine these three reports to build a complete trading plan for the day
- real examples showing how this combination creates high-probability setups or warns you to stay out of the market
airreyservice1994@hotmail
New member
hi buddy can you explain me how to add the cloud? I am getting it but except for the green and red cloud thanks
@BenTen
anyupdate how to add the those bull and bear zones? I added the orb but didnt look like this
Last edited by a moderator:
I don't see the red/green shaded areas.
How do you turn on the buy/sell bubbles?
Comment out or remove the AddChartBubble functions in the code.
That didn't do anything. None of the stuff shows up on the chart now.
The following chart link shows the studies in post #1 with the clouds turned on for the opening range study and bubbles in the supertrend study at the input screens. The link has both studies included in the studies screen.
https://tos.mx/!TkTeZCxI
Explanation of Chart Bubbles associated with the Opening Range Breakout Indicator
RO (Risk Off)
Risk Off trading sentiment generally means market participants are moving away from riskier assets.
RISK ON
Risk On refers to a market state where a bullish sentiment is prevalent.
Risk On trading reflects an increased appetite for risk among market participants, often associated with a strong trend.
When a price breaks out above the Opening Range High (ORH) with strong volume, it signifies bullish momentum, this period is "RISK ON".
This signals a higher probability that the upward trend will continue throughout the day.
ORH (Opening Range High)
ORH specifically defines a critical price level that is central to the ORB strategy.
It is the highest price reached during the market's initial trading period (e.g., the first 15 or 30 minutes).
This price level is used to trigger a trading signal.
A break above the ORH is a bullish signal, suggesting a strong upward trend is forming.
In contrast, the "Opening Range Low" (ORL) is the lowest price, and a break below it would be a bearish signal.
@jrj4774 Given the popularity of this indicator, you will find web results that provide even more information
RO (Risk Off)
Risk Off trading sentiment generally means market participants are moving away from riskier assets.
Could signal that traders who entered a breakout trade are now exiting or taking profits.
Might prompt a trader to place a stop-loss, "taking risk off" the table, and secure profits from the initial breakout.
RISK ON
Risk On refers to a market state where a bullish sentiment is prevalent.
Risk On trading reflects an increased appetite for risk among market participants, often associated with a strong trend.
When a price breaks out above the Opening Range High (ORH) with strong volume, it signifies bullish momentum, this period is "RISK ON".
This signals a higher probability that the upward trend will continue throughout the day.
ORH (Opening Range High)
ORH specifically defines a critical price level that is central to the ORB strategy.
It is the highest price reached during the market's initial trading period (e.g., the first 15 or 30 minutes).
This price level is used to trigger a trading signal.
A break above the ORH is a bullish signal, suggesting a strong upward trend is forming.
In contrast, the "Opening Range Low" (ORL) is the lowest price, and a break below it would be a bearish signal.
@jrj4774 Given the popularity of this indicator, you will find web results that provide even more information
Last edited:
Sorry it is late and my notes were mixed lol.. that's what getting old does to ya! I asked Chat GPT to "clean this up" so it is what it is lol... but on review everything is there except notes that there are some manual inputs that need to be placed like what Gamma phase is it in either short gamma or long gamma or transition (1, -1, 0) and other inputs are gamma zones, which are usually gamma high volumes or if using Open Interest high bars strike prices like in Barchart.com Gamma charts. What follows is an explanation of the script and interpretation of the attached chart using this script. This script was developed in reviewing ORB studies and scripts from TOS, TradingView and NinjaTrader.
This is an excellent example — not just of the script working, but of how to think like a professional intraday trader using structure + flow + regime.
I’ll break this down as a training walkthrough so someone else could literally follow this step-by-step.
1. THE FOUNDATION: WHAT THIS SYSTEM IS DOING
This script combines 5 layers of edge:
Let’s walk through this like a replay.
Immediate implication: Sell rallies, not buy dips
You see multiple:
This is critical:
These are: First touch of resistance inside short gamma
✔ This is your highest probability short entry
This is your A+ setup
You see:
This is: FAILED BREAKOUT → CONTINUATION SIGNAL
In short gamma:
This is the strongest signal in your system
PHASE 4 — ORB CONFIRMATION
You see:
Combined with:
This confirms: Trend is real, not random
After:
Market transitions into: STRUCTURED TREND DOWN
You see:
PHASE 6 — LATE TREND (KEY LESSON)
Now your label shows: LATE TREND / LOW EDGE
This is crucial training insight.
Because:
Meaning: The opportunity already happened
Early:
Answer: Trend
Answer: 643–645 (FZ1)
Answer: Fake → short
Answer: Yes → hold trade
Answer: No → late trend
This chart demonstrates:
The edge is NOT in predicting direction
The edge is in timing + location + context
If someone is learning this system, give them this:
Because it aligns:
That’s how institutions think
This chart is a perfect training example of:
This is an excellent example — not just of the script working, but of how to think like a professional intraday trader using structure + flow + regime.
I’ll break this down as a training walkthrough so someone else could literally follow this step-by-step.
1. THE FOUNDATION: WHAT THIS SYSTEM IS DOINGThis script combines 5 layers of edge:
1. Gamma (Context)
- Tells you: trend vs mean reversion environment
- Reclaim level (640)
- Fade zones (643–645, 648–650)
3. Timing (Execution)
- First touch (FZ1)
- Trap detection
4. Confirmation (Participation)
- VWAP
- ORB breaks
5. Decision Engine
- Score
- Bias
- Market state (your new label)
2. WHAT HAPPENED ON THIS CHART (STEP-BY-STEP)
Let’s walk through this like a replay.
PHASE 1 — OPEN → INITIAL TREND
- Price starts below reclaim (640)
- Gamma = SHORT (trend mode)
Immediate implication: Sell rallies, not buy dips
PHASE 2 — FIRST OPPORTUNITY (FZ1 TAGS)
You see multiple:
- FZ1 bubbles (yellow)
This is critical:These are: First touch of resistance inside short gamma
✔ This is your highest probability short entry
What should happen (and did):
- Price enters 643–645
- Momentum slows
- Sellers step in
- Price rolls over
This is your A+ setup PHASE 3 — TRAP FORMATION (MOST IMPORTANT)
You see:
- Multiple TRAP DN labels near 640
What this means:
- Price tries to reclaim 640
- Fails
- Closes back below
This is: FAILED BREAKOUT → CONTINUATION SIGNALWhy this matters:
In short gamma:
- Dealers sell weakness
- Failed reclaim = fuel for downside
This is the strongest signal in your system PHASE 4 — ORB CONFIRMATIONYou see:
- ORB DN signals
Combined with:
- Price below VWAP
This confirms: Trend is real, not random
PHASE 5 — TREND ACCELERATION
After:
- FZ1 rejection
- Trap confirmation
- ORB break
Market transitions into: STRUCTURED TREND DOWNYou see:
- Clean lower highs
- Clean lower lows
- No reclaim of key levels
PHASE 6 — LATE TREND (KEY LESSON)Now your label shows: LATE TREND / LOW EDGE
This is crucial training insight.
Why?
Because:
- Move already extended
- Far from reclaim (640)
- No new structure formed
- Score = weak (-2)
Meaning: The opportunity already happened
3. HOW A PROFESSIONAL TRADES THIS
What they DO
Early:- Short FZ1 (643–645)
- Add on trap near 640
- Hold through ORB break
Mid-trend:
- Trail position
- Take partial profits
Late trend (your current chart):
- STOP initiating new trades
- Wait for reset
What they DON’T do
- Chase breakdown at 633
- Short randomly because “it’s going down”
- Ignore “NO TRADE” signal
4. WHAT EACH COMPONENT TAUGHT YOU
Gamma Mode
Answer: Trend
Fade Zones
Answer: 643–645 (FZ1)
Trap Detection
Answer: Fake → short
ORB + VWAP
Answer: Yes → hold trade
Market State Label
Answer: No → late trend
5. THE BIG LESSON (MOST IMPORTANT)
This chart demonstrates:
The edge is NOT in predicting direction
The edge is in timing + location + context
6. SIMPLE RULESET (FOR TRAINING)
If someone is learning this system, give them this:
SHORT GAMMA PLAYBOOK
Step 1 — Identify regime
- Below flip → trend mode
Step 2 — Wait for location
- Fade zones (FZ1 / FZ2)
Step 3 — Confirm weakness
- Trap signal
- Rejection
Step 4 — Confirm trend
- Below VWAP
- ORB break
Step 5 — Manage trade
- Hold through structure
- Exit when:
- Late trend label appears
- Score weakens
7. WHY THIS SYSTEM WORKS
Because it aligns:
- Dealer flows (gamma)
- Liquidity (levels)
- Behavior (traps)
- Participation (VWAP/ORB)
That’s how institutions think FINAL SUMMARY
This chart is a perfect training example of:
✔ Ideal short setup:
- FZ1 entry
- Trap confirmation
- ORB + VWAP alignment
- Trend continuation
✔ Ideal stop trading:
- Late trend label
Code:
# Gamma Edge Execution System
# Developed by antwerks
# 03/29/2026
#=================================
# ================================
# === USER INPUTS ===============
# ================================
input showLabel = yes;
input gammaMode = 1; # 1 = Short Gamma, -1 = Long Gamma
input reclaimLevel = 640;
input fadeZone1Low = 643;
input fadeZone1High = 645;
input fadeZone2Low = 648;
input fadeZone2High = 650;
input orbStartTime = 0930;
input orbEndTime = 1000;
# ================================
# === YESTERDAY LEVELS ===========
# ================================
def yHigh = high(period = "DAY")[1];
def yLow = low(period = "DAY")[1];
plot YH = yHigh;
YH.SetDefaultColor(Color.GREEN);
YH.SetStyle(Curve.SHORT_DASH);
plot YL = yLow;
YL.SetDefaultColor(Color.RED);
YL.SetStyle(Curve.SHORT_DASH);
# ================================
# === RECLAIM LEVEL ==============
# ================================
plot Reclaim = reclaimLevel;
Reclaim.SetDefaultColor(Color.WHITE);
Reclaim.SetLineWeight(2);
Reclaim.SetStyle(Curve.SHORT_DASH);
# ================================
# === GAMMA MODE COLORS ==========
# ================================
def isShortGamma = gammaMode == 1;
DefineGlobalColor("FZ1", if isShortGamma then Color.RED else Color.LIGHT_GRAY);
DefineGlobalColor("FZ2", if isShortGamma then Color.ORANGE else Color.GRAY);
# ================================
# === FADE ZONES ================
# ================================
plot FZ1L = fadeZone1Low;
plot FZ1H = fadeZone1High;
plot FZ2L = fadeZone2Low;
plot FZ2H = fadeZone2High;
FZ1L.SetDefaultColor(GlobalColor("FZ1"));
FZ1H.SetDefaultColor(GlobalColor("FZ1"));
FZ2L.SetDefaultColor(GlobalColor("FZ2"));
FZ2H.SetDefaultColor(GlobalColor("FZ2"));
AddCloud(FZ1L, FZ1H, GlobalColor("FZ1"), GlobalColor("FZ1"));
AddCloud(FZ2L, FZ2H, GlobalColor("FZ2"), GlobalColor("FZ2"));
# ================================
# === FIRST TOUCH DETECTION ======
# ================================
def inFZ1 = close >= fadeZone1Low and close <= fadeZone1High;
def inFZ2 = close >= fadeZone2Low and close <= fadeZone2High;
def firstTouchFZ1 = inFZ1 and !inFZ1[1];
def firstTouchFZ2 = inFZ2 and !inFZ2[1];
AddChartBubble(firstTouchFZ1, high, "FZ1", Color.YELLOW, yes);
AddChartBubble(firstTouchFZ2, high, "FZ2", Color.ORANGE, yes);
# ================================
# === TRAP DETECTION ============
# ================================
def aboveReclaim = close > reclaimLevel;
def belowReclaim = close < reclaimLevel;
def wasAbove = aboveReclaim[1];
def rejection = high > reclaimLevel and close < reclaimLevel;
def strongReject = close < open;
def trapShort = wasAbove and rejection and strongReject;
AddChartBubble(trapShort and !trapShort[1], high, "TRAP DN", Color.RED, yes);
# ================================
# === VWAP ======================
# ================================
plot VWAPLine = VWAP();
VWAPLine.SetDefaultColor(Color.CYAN);
VWAPLine.SetLineWeight(2);
def aboveVWAP = close > VWAPLine;
def belowVWAP = close < VWAPLine;
# ================================
# === ORB (TIME-BASED, FIXED) ====
# ================================
def newDay = GetYYYYMMDD() <> GetYYYYMMDD()[1];
def inORB = SecondsFromTime(orbStartTime) >= 0 and SecondsTillTime(orbEndTime) > 0;
def orbFinished = SecondsTillTime(orbEndTime) <= 0;
rec orbHigh =
if newDay then Double.NaN
else if inORB and IsNaN(orbHigh[1]) then high
else if inORB then Max(high, orbHigh[1])
else orbHigh[1];
rec orbLow =
if newDay then Double.NaN
else if inORB and IsNaN(orbLow[1]) then low
else if inORB then Min(low, orbLow[1])
else orbLow[1];
plot ORB_High_Line = if orbFinished then orbHigh else Double.NaN;
ORB_High_Line.SetDefaultColor(Color.GREEN);
ORB_High_Line.SetStyle(Curve.SHORT_DASH);
ORB_High_Line.SetLineWeight(2);
plot ORB_Low_Line = if orbFinished then orbLow else Double.NaN;
ORB_Low_Line.SetDefaultColor(Color.RED);
ORB_Low_Line.SetStyle(Curve.SHORT_DASH);
ORB_Low_Line.SetLineWeight(2);
def breakAboveORB = orbFinished and close > orbHigh;
def breakBelowORB = orbFinished and close < orbLow;
AddChartBubble(breakAboveORB and !breakAboveORB[1], low, "ORB UP", Color.GREEN, no);
AddChartBubble(breakBelowORB and !breakBelowORB[1], high, "ORB DN", Color.RED, yes);
# ================================
# === CONFIRMATION LOGIC ========
# ================================
def trendConfirmedShort = belowVWAP and breakBelowORB;
def trendConfirmedLong = aboveVWAP and breakAboveORB;
# ================================
# === SCORING ===================
# ================================
def avgVol = Average(volume, 20);
def highVol = volume > avgVol * 1.2;
def bull = close > open;
def bear = close < open;
def bullScore =
(if highVol then 2 else 1) +
(if bull then 2 else 0);
def bearScore =
(if highVol then 2 else 1) +
(if bear then 2 else 0);
def netScore = bullScore - bearScore;
# ================================
# === LABELS ====================
# ================================
AddLabel(yes,
if gammaMode == 1 then "Gamma: SHORT (Trend Mode)"
else "Gamma: LONG (Mean Reversion)",
if gammaMode == 1 then Color.CYAN else Color.ORANGE
);
AddLabel(showLabel,
"Score: " + netScore +
if netScore >= 4 then " (LONG)"
else if netScore <= -4 then " (SHORT)"
else " (NO TRADE)",
if netScore >= 2 then Color.GREEN
else if netScore <= -2 then Color.RED
else Color.GRAY
);
def noTrade = AbsValue(netScore) <= 2;
AddLabel(yes,
if noTrade then "NO TRADE"
else "ACTIVE",
if noTrade then Color.GRAY else Color.WHITE
);
AddLabel(yes,
if trendConfirmedShort then "CONFIRMED SHORT (ORB + VWAP)"
else if trendConfirmedLong then "CONFIRMED LONG (ORB + VWAP)"
else "NO CONFIRMATION",
if trendConfirmedShort then Color.RED
else if trendConfirmedLong then Color.GREEN
else Color.GRAY
);
AddLabel(yes,
if netScore <= -4 then "Bias: SHORT (Sell Rips)"
else if netScore >= 4 then "Bias: LONG (Buy Dips)"
else "Bias: NEUTRAL",
if netScore <= -4 then Color.RED
else if netScore >= 4 then Color.GREEN
else Color.GRAY
);
AddLabel(yes,
"Reclaim: " + reclaimLevel +
" | FZ1: " + fadeZone1Low + "-" + fadeZone1High +
" | FZ2: " + fadeZone2Low + "-" + fadeZone2High,
Color.WHITE
);
# ================================
# === MARKET STATE LABEL =========
# ================================
# Distance from reclaim (extension proxy)
def extension = AbsValue(close - reclaimLevel);
# You can tweak this threshold
input extensionThreshold = 5.0;
def isExtended = extension > extensionThreshold;
# State conditions
def strongTrend = (trendConfirmedShort or trendConfirmedLong) and AbsValue(netScore) >= 4;
def weakEnv = AbsValue(netScore) <= 2 and !trendConfirmedShort and !trendConfirmedLong;
def lateTrend = isExtended and AbsValue(netScore) <= 2 and (trendConfirmedShort[10] or trendConfirmedLong[10]);
# Label logic
AddLabel(yes,
if strongTrend then "TREND CONFIRMED (HIGH EDGE)"
else if lateTrend then "LATE TREND / LOW TRADING EDGE"
else if weakEnv then "CHOP / LOW CONVICTION"
else "TRANSITION",
if strongTrend then Color.GREEN
else if lateTrend then Color.YELLOW
else if weakEnv then Color.GRAY
else Color.DARK_ORANGE
);
# ================================
# === ALERTS ====================
# ================================
Alert(trapShort, "Trap Detected → Short Setup", Alert.BAR, Sound.Bell);Good work and thoughts!Sorry it is late and my notes were mixed lol.. that's what getting old does to ya! I asked Chat GPT to "clean this up" so it is what it is lol... but on review everything is there except notes that there are some manual inputs that need to be placed like what Gamma phase is it in either short gamma or long gamma or transition (1, -1, 0) and other inputs are gamma zones, which are usually gamma high volumes or if using Open Interest high bars strike prices like in Barchart.com Gamma charts. What follows is an explanation of the script and interpretation of the attached chart using this script. This script was developed in reviewing ORB studies and scripts from TOS, TradingView and NinjaTrader.
This is an excellent example — not just of the script working, but of how to think like a professional intraday trader using structure + flow + regime.
I’ll break this down as a training walkthrough so someone else could literally follow this step-by-step.
This script combines 5 layers of edge:
1. Gamma (Context)
2. Levels (Structure)
- Tells you: trend vs mean reversion environment
- Reclaim level (640)
- Fade zones (643–645, 648–650)
3. Timing (Execution)
- First touch (FZ1)
- Trap detection
4. Confirmation (Participation)
- VWAP
- ORB breaks
5. Decision Engine
- Score
- Bias
- Market state (your new label)
Let’s walk through this like a replay.
- Price starts below reclaim (640)
- Gamma = SHORT (trend mode)
You see multiple:
- FZ1 bubbles (yellow)
These are: First touch of resistance inside short gamma
✔ This is your highest probability short entry
What should happen (and did):
- Price enters 643–645
- Momentum slows
- Sellers step in
- Price rolls over
You see:
- Multiple TRAP DN labels near 640
What this means:
- Price tries to reclaim 640
- Fails
- Closes back below
Why this matters:
In short gamma:
- Dealers sell weakness
- Failed reclaim = fuel for downside
You see:
- ORB DN signals
Combined with:
- Price below VWAP
After:
- FZ1 rejection
- Trap confirmation
- ORB break
You see:
- Clean lower highs
- Clean lower lows
- No reclaim of key levels
Now your label shows: LATE TREND / LOW EDGE
This is crucial training insight.
Why?
Because:
- Move already extended
- Far from reclaim (640)
- No new structure formed
- Score = weak (-2)
Early:
- Short FZ1 (643–645)
- Add on trap near 640
- Hold through ORB break
Mid-trend:
- Trail position
- Take partial profits
Late trend (your current chart):
- STOP initiating new trades
- Wait for reset
- Chase breakdown at 633
- Short randomly because “it’s going down”
- Ignore “NO TRADE” signal
Answer: Trend
Answer: 643–645 (FZ1)
Answer: Fake → short
Answer: Yes → hold trade
Answer: No → late trend
This chart demonstrates:
The edge is NOT in predicting direction
The edge is in timing + location + context
If someone is learning this system, give them this:
Step 1 — Identify regime
- Below flip → trend mode
Step 2 — Wait for location
- Fade zones (FZ1 / FZ2)
Step 3 — Confirm weakness
- Trap signal
- Rejection
Step 4 — Confirm trend
- Below VWAP
- ORB break
Step 5 — Manage trade
- Hold through structure
- Exit when:
- Late trend label appears
- Score weakens
Because it aligns:
- Dealer flows (gamma)
- Liquidity (levels)
- Behavior (traps)
- Participation (VWAP/ORB)
This chart is a perfect training example of:
✔ Ideal short setup:
✔ Ideal hold:
- FZ1 entry
- Trap confirmation
- ORB + VWAP alignment
- Trend continuation
✔ Ideal stop trading:
- Late trend label
Code:# Gamma Edge Execution System # Developed by antwerks # 03/29/2026 #================================= # ================================ # === USER INPUTS =============== # ================================ input showLabel = yes; input gammaMode = 1; # 1 = Short Gamma, -1 = Long Gamma input reclaimLevel = 640; input fadeZone1Low = 643; input fadeZone1High = 645; input fadeZone2Low = 648; input fadeZone2High = 650; input orbStartTime = 0930; input orbEndTime = 1000; # ================================ # === YESTERDAY LEVELS =========== # ================================ def yHigh = high(period = "DAY")[1]; def yLow = low(period = "DAY")[1]; plot YH = yHigh; YH.SetDefaultColor(Color.GREEN); YH.SetStyle(Curve.SHORT_DASH); plot YL = yLow; YL.SetDefaultColor(Color.RED); YL.SetStyle(Curve.SHORT_DASH); # ================================ # === RECLAIM LEVEL ============== # ================================ plot Reclaim = reclaimLevel; Reclaim.SetDefaultColor(Color.WHITE); Reclaim.SetLineWeight(2); Reclaim.SetStyle(Curve.SHORT_DASH); # ================================ # === GAMMA MODE COLORS ========== # ================================ def isShortGamma = gammaMode == 1; DefineGlobalColor("FZ1", if isShortGamma then Color.RED else Color.LIGHT_GRAY); DefineGlobalColor("FZ2", if isShortGamma then Color.ORANGE else Color.GRAY); # ================================ # === FADE ZONES ================ # ================================ plot FZ1L = fadeZone1Low; plot FZ1H = fadeZone1High; plot FZ2L = fadeZone2Low; plot FZ2H = fadeZone2High; FZ1L.SetDefaultColor(GlobalColor("FZ1")); FZ1H.SetDefaultColor(GlobalColor("FZ1")); FZ2L.SetDefaultColor(GlobalColor("FZ2")); FZ2H.SetDefaultColor(GlobalColor("FZ2")); AddCloud(FZ1L, FZ1H, GlobalColor("FZ1"), GlobalColor("FZ1")); AddCloud(FZ2L, FZ2H, GlobalColor("FZ2"), GlobalColor("FZ2")); # ================================ # === FIRST TOUCH DETECTION ====== # ================================ def inFZ1 = close >= fadeZone1Low and close <= fadeZone1High; def inFZ2 = close >= fadeZone2Low and close <= fadeZone2High; def firstTouchFZ1 = inFZ1 and !inFZ1[1]; def firstTouchFZ2 = inFZ2 and !inFZ2[1]; AddChartBubble(firstTouchFZ1, high, "FZ1", Color.YELLOW, yes); AddChartBubble(firstTouchFZ2, high, "FZ2", Color.ORANGE, yes); # ================================ # === TRAP DETECTION ============ # ================================ def aboveReclaim = close > reclaimLevel; def belowReclaim = close < reclaimLevel; def wasAbove = aboveReclaim[1]; def rejection = high > reclaimLevel and close < reclaimLevel; def strongReject = close < open; def trapShort = wasAbove and rejection and strongReject; AddChartBubble(trapShort and !trapShort[1], high, "TRAP DN", Color.RED, yes); # ================================ # === VWAP ====================== # ================================ plot VWAPLine = VWAP(); VWAPLine.SetDefaultColor(Color.CYAN); VWAPLine.SetLineWeight(2); def aboveVWAP = close > VWAPLine; def belowVWAP = close < VWAPLine; # ================================ # === ORB (TIME-BASED, FIXED) ==== # ================================ def newDay = GetYYYYMMDD() <> GetYYYYMMDD()[1]; def inORB = SecondsFromTime(orbStartTime) >= 0 and SecondsTillTime(orbEndTime) > 0; def orbFinished = SecondsTillTime(orbEndTime) <= 0; rec orbHigh = if newDay then Double.NaN else if inORB and IsNaN(orbHigh[1]) then high else if inORB then Max(high, orbHigh[1]) else orbHigh[1]; rec orbLow = if newDay then Double.NaN else if inORB and IsNaN(orbLow[1]) then low else if inORB then Min(low, orbLow[1]) else orbLow[1]; plot ORB_High_Line = if orbFinished then orbHigh else Double.NaN; ORB_High_Line.SetDefaultColor(Color.GREEN); ORB_High_Line.SetStyle(Curve.SHORT_DASH); ORB_High_Line.SetLineWeight(2); plot ORB_Low_Line = if orbFinished then orbLow else Double.NaN; ORB_Low_Line.SetDefaultColor(Color.RED); ORB_Low_Line.SetStyle(Curve.SHORT_DASH); ORB_Low_Line.SetLineWeight(2); def breakAboveORB = orbFinished and close > orbHigh; def breakBelowORB = orbFinished and close < orbLow; AddChartBubble(breakAboveORB and !breakAboveORB[1], low, "ORB UP", Color.GREEN, no); AddChartBubble(breakBelowORB and !breakBelowORB[1], high, "ORB DN", Color.RED, yes); # ================================ # === CONFIRMATION LOGIC ======== # ================================ def trendConfirmedShort = belowVWAP and breakBelowORB; def trendConfirmedLong = aboveVWAP and breakAboveORB; # ================================ # === SCORING =================== # ================================ def avgVol = Average(volume, 20); def highVol = volume > avgVol * 1.2; def bull = close > open; def bear = close < open; def bullScore = (if highVol then 2 else 1) + (if bull then 2 else 0); def bearScore = (if highVol then 2 else 1) + (if bear then 2 else 0); def netScore = bullScore - bearScore; # ================================ # === LABELS ==================== # ================================ AddLabel(yes, if gammaMode == 1 then "Gamma: SHORT (Trend Mode)" else "Gamma: LONG (Mean Reversion)", if gammaMode == 1 then Color.CYAN else Color.ORANGE ); AddLabel(showLabel, "Score: " + netScore + if netScore >= 4 then " (LONG)" else if netScore <= -4 then " (SHORT)" else " (NO TRADE)", if netScore >= 2 then Color.GREEN else if netScore <= -2 then Color.RED else Color.GRAY ); def noTrade = AbsValue(netScore) <= 2; AddLabel(yes, if noTrade then "NO TRADE" else "ACTIVE", if noTrade then Color.GRAY else Color.WHITE ); AddLabel(yes, if trendConfirmedShort then "CONFIRMED SHORT (ORB + VWAP)" else if trendConfirmedLong then "CONFIRMED LONG (ORB + VWAP)" else "NO CONFIRMATION", if trendConfirmedShort then Color.RED else if trendConfirmedLong then Color.GREEN else Color.GRAY ); AddLabel(yes, if netScore <= -4 then "Bias: SHORT (Sell Rips)" else if netScore >= 4 then "Bias: LONG (Buy Dips)" else "Bias: NEUTRAL", if netScore <= -4 then Color.RED else if netScore >= 4 then Color.GREEN else Color.GRAY ); AddLabel(yes, "Reclaim: " + reclaimLevel + " | FZ1: " + fadeZone1Low + "-" + fadeZone1High + " | FZ2: " + fadeZone2Low + "-" + fadeZone2High, Color.WHITE ); # ================================ # === MARKET STATE LABEL ========= # ================================ # Distance from reclaim (extension proxy) def extension = AbsValue(close - reclaimLevel); # You can tweak this threshold input extensionThreshold = 5.0; def isExtended = extension > extensionThreshold; # State conditions def strongTrend = (trendConfirmedShort or trendConfirmedLong) and AbsValue(netScore) >= 4; def weakEnv = AbsValue(netScore) <= 2 and !trendConfirmedShort and !trendConfirmedLong; def lateTrend = isExtended and AbsValue(netScore) <= 2 and (trendConfirmedShort[10] or trendConfirmedLong[10]); # Label logic AddLabel(yes, if strongTrend then "TREND CONFIRMED (HIGH EDGE)" else if lateTrend then "LATE TREND / LOW TRADING EDGE" else if weakEnv then "CHOP / LOW CONVICTION" else "TRANSITION", if strongTrend then Color.GREEN else if lateTrend then Color.YELLOW else if weakEnv then Color.GRAY else Color.DARK_ORANGE ); # ================================ # === ALERTS ==================== # ================================ Alert(trapShort, "Trap Detected → Short Setup", Alert.BAR, Sound.Bell);
New Indicator: Buy the Dip
Check out our Buy the Dip indicator and see how it can help you find profitable swing trading ideas. Scanner, watchlist columns, and add-ons are included.
Join useThinkScript to post your question to a community of 21,000+ developers and traders.
Similar threads
-
Opening Range Breakout Strategy with Market Volatility for ThinkorSwim- Started by BenTen
- Replies: 168
-
Opening Range Breakout with Directional Day Filter for ThinkorSwim
- Started by BenTen
- Replies: 6
-
-
-
Opening Range Indicator with Measured Moves and VWAP For ThinkOrSwim- Started by FutureTony
- Replies: 46
Similar threads
-
Opening Range Breakout Strategy with Market Volatility for ThinkorSwim
- Started by BenTen
- Replies: 168
-
Opening Range Breakout with Directional Day Filter for ThinkorSwim
- Started by BenTen
- Replies: 6
-
-
-
Opening Range Indicator with Measured Moves and VWAP For ThinkOrSwim
- Started by FutureTony
- Replies: 46
Similar threads
-
Opening Range Breakout Strategy with Market Volatility for ThinkorSwim
- Started by BenTen
- Replies: 168
-
Opening Range Breakout with Directional Day Filter for ThinkorSwim
- Started by BenTen
- Replies: 6
-
-
-
Opening Range Indicator with Measured Moves and VWAP For ThinkOrSwim
- Started by FutureTony
- Replies: 46
The Market Trading Game Changer
Join 2,500+ subscribers inside the useThinkScript VIP Membership Club
- Exclusive indicators
- Proven strategies & setups
- Private Discord community
- ‘Buy The Dip’ signal alerts
- Exclusive members-only content
- Add-ons and resources
- 1 full year of unlimited support
Frequently Asked Questions
What is useThinkScript?
useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.
How do I get started?
We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.
If you are new, or just looking for guidance, here are some helpful links to get you started.
- The most viewed thread:
https://usethinkscript.com/threads/repainting-trend-reversal-for-thinkorswim.183/ - Our most popular indicator:
https://usethinkscript.com/threads/buy-the-dip-indicator-for-thinkorswim.3553/ - Answers to frequently asked questions:
https://usethinkscript.com/threads/answers-to-commonly-asked-questions.6006/
What are the benefits of VIP Membership?
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.