Opening Range Breakout Strategy with Market Volatility for ThinkorSwim

[Bill]

@Bill Thats the trade size in shares

Got it, thank you. Still getting used to the site and indicators!

 

[markos]

Hi can you customize Algo parabolic sar that moves with price as a Trailing stop loss they have this indicator on MT4 . Thanks

@mo2020 the PSAR is a built in study.

 

[markos]

Got it, thank you. Still getting used to the site and indicators!

The ORB is an excellent trading tool for those that understand randomness and taking loses.

 

[ganq]

Hi @BenTen, do you still use the old Opening Range Breakout strategy from here: https://usethinkscript.com/threads/opening-range-breakout-indicator-for-thinkorswim.16/ ?

 

[BenTen]

@ganq Yes, I occasionally use the regular ORB but not very often.

 

[ganq]

Hi @BenTen, is there a way we can make this study come up on mobile with the appropriate arrows?

 

[BenTen]

@ganq This version will not work on mobile. Here is the regular ORB that is compatible with the ToS mobile app: https://tos.mx/1E8VbW

 

[ganq]

@ganq This version will not work on mobile. Here is the regular ORB that is compatible with the ToS mobile app: https://tos.mx/1E8VbW

okay, thanks!

 

[Vision]

Not seeing any results, am I missing a setting?

 

[BenTen]

@Vision Did you add the code as an indicator or a strategy? You're supposed to add it as a strategy if you haven't already.

 

[Vision]

That was it, sorry.

 

[DDW]

How are you guys getting along with this? Going to put it to some testing this week.

 

[DDW]

Is there an easy way to add audio alerts for any open or close signals?

 

[Rich]

Is this Strategy ok to use on the 3m chart @BenTen ?

 

[BenTen]

@Rich I don't see why not.

 

[Rich]

@BenTen I understand we cant avoid all fake break outs but is there any tips on how we can spot some of them with this indicator? Or is there another indicator we can use in combination with this indicator that will help with the fake outs? Thank you.

 

[thinky]

@Rich Read an article that mentioned ORB doesn't work like it used to anymore. I don't see much usefulness now, prefer a few basic indicators.

If you are daytrading keep trying other indicators, is just a lot of risk and you go against the pros.

 

[Rich]

Thanks @thinky.

 

[markos]

@thinky @Rich The ORB was created via a book by a gent named Crabel. Use the version posted in this forum.
I know pros that use it yet. It still works like a charm using RSI Laguerre with FE and TMO together on a 5 minute and 30 minute chart grid..
Need to be real fast with Risk on / Risk off as I've read.

However, this is @BenTen 's area of expertise, I defer to him.

 

[RPrado]

Thanks to the work of @RobertPayne and adaptations by @WalkingBallista and @BenTen.