Opening Range Breakout Strategy with Market Volatility for ThinkorSwim

[veerasareddy]

@BenTen For some reason, it doesn't showup on my chart (any time frame) Could you please throw me the sharable link. Thanks

 

[BenTen]

@veerasareddy Did you add the code as an indicator or strategy? You have to add it as a strategy.

 

[veerasareddy]

@veerasareddy Did you add the code as an indicator or strategy? You have to add it as a strategy.

@BenTen After adding as a strategy it is working. Thank you.

 

[Variety_Jones]

@BenTen This is awesome, I'm going to set this up later. This site is just what I've been looking for as well. Without a scan going to a watchlist, can you be alerted for buy and sell signals (to mobile for instance) and then use the mobile friendly ORB indicator to follow the trade (how far above or below I am currently of the breakout/breakdown level.

 

[BenTen]

@Variety_Jones You should be able to setup a scan for this and get alerted to your mobile ToS app.

 

[crexgen]

How do I add sound alert when it cross the range ??

 

[BenTen]

@crexgen Add this to the bottom of your script:

def bullish_cross = close crosses above OpenRangeHigh;
def bearish_cross = close crosses below OpenRangeLow;

# Alerts
Alert(bullish_cross, " ", Alert.Bar, Sound.Chimes);
Alert(bearish_cross, " ", Alert.Bar, Sound.Bell);

 

[Deleted2090]

@BenTen - I am new to thinkscript. I added this indicator as a study and applied to a 5m graph. Nothing came up on the graph after market open. Not sure what I am doing wrong. Tested this today on spy, nflx, dis. Also can I use this with the OnDemand feature? If yes how?

 

[tomsk]

To get a better understanding on what the ORB really is, read the following link. Most traders use this for trading breakouts/downs of products like /ES, NQ, /YM.

https://usethinkscript.com/threads/...dicator-for-thinkorswim.16/page-13#post-11561

 

[veerasareddy]

Not a study. Add as a Strategy. thanks

 

[Deleted2090]

Thank you for the replies. That was super helpful [feel dumb].
I will go though the posts to understand this better and backtest this a bit. Now its working on OnDemand, so will test out the theories.

 

[guga]

Hello, I was wondering if anyone could help me out with a code for the below? Thank you


****
Buy 100 shares if:

1. Applies to first 15-min candle only
2. first 15-min candle open and close is above EMA50 and EMA70
3. First 15-min candle has a range of at least $2
4. entry point is when price breaks above close of first 15-min candle

Take Profits if:

1. Price moves at least $3 from entry price.

Stop if:

1. Price breaks below open of first 15-min candle or if trend continues then subsequent 15-min candle open becomes the new trailing stop

****

 

[rovo]

Hi @BenTen , this looks very interesting. I've loaded into TOS and explored it across some charts. I'm still not sure what I'm looking at though.
Can you help me understand some of these indicators?
What is TC_O(buy/sell) , TC_C (buy/sell) indicating? I realize they mean To Open and To Close...
Does TC_O buy side, suggest this might be a good place to enter long?

 

[BenTen]

@rovo This is a strategy based on the original Opening Range Breakout indicator. You will be able to locate buy/sell signals based on the labels included.

 

[rovo]

@BenTen thank you so much. I've read up on ORB, I'm just struggling to translate what some of the visual indicators mean on the chart. I'm not sure what the Blue Up Arrow with TC_O is indicating, doesn't really seem necessarily like a buy signal? Also, there is sometimes a blue dotted line between the TC_O and TC_C. I'm not sure what information is being conveyed there. I've attached a chart I'm studying this morning.

 

[BenTen]

@rovo 0 = opening trade and C = closing trade.

 

[rovo]

@rovo 0 = opening trade and C = closing trade.

My guess is Opening Trade means this might be a suggested entry for a long... I was thinking maybe Opening Trade meant something in regards to the first 30 minutes of trading activity...?

 

[DJ_Trader_Guy]

@BenTen @netarchitech - sincerely thank you and everyone else that work on these projects. Is there any way to create a scanner for the trade signals? I added a scanner from an earlier post on this thread, it is working to show stocks above/below opening range. Looking to see if the signals themselves could be in a scanner or alert? Thank you!

 

[Simteaz]

any shareable link? @BenTen Ive trying adding as strategy and having trouble with line 29 when I pasted it and not working.

 

[BenTen]

@Simteaz No issue on my end.