Open Range Breakout

It is a customizable Open Range Breakout. Open Range Breakout in this code is measured right from the start of the day.
Resolution Controls and Session Range Controls are provided to draw appropriate Open Range Breakout levels.


Release Notes: Buy and Sell Signals are Added. And signals will be triggered only at the first touch and multiple signals generating on the same day will be ignored.

Here is the Tradingview Pinescript code for open range breakout. It a prototype code to build your own indicator/trading system on top of open range breakout levels. Traders can now build backtestable trading systems on top this pinescript code snippet.

Open Range Breakout is a simple strategy that monitors the first 5min / 15min / 15min / 30min / 60min range from the start of the market. From the opening high range and low range is calculated for the specified timeframe. Most of the Pinescript code found on the internet is either buggy or not suitable for building back-testable trading systems.

Note :
If your charting timeframe is 5min then higher resolution can be accessed from the Resolution Input section. And Ensure while setting the Breakout Timings are set from the start of the exchange timings and ends at the resolution timings. For example, if in case you want to monitor the first 15min breakout levels then Resolution should be set to 15min and Breakout Timings to 0915 – 0930 range