Opening Range Breakout Strategy with Market Volatility for ThinkorSwim

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veerasareddy

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

BenTen

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

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@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.
 
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BenTen

BenTen

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

BenTen

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@crexgen Add this to the bottom of your script:

Code:
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);
 
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sobiswas

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@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?
 
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sobiswas

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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.
 
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guga

New member
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
****
 
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rovo

Member
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

BenTen

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@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.
 
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rovo

Member
@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.

 
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BenTen

BenTen

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

Member
@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...?
 
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DJ_Trader_Guy

New member
@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!
 
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Simteaz

New member
2019 Donor
any shareable link? @BenTen Ive trying adding as strategy and having trouble with line 29 when I pasted it and not working.
 

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