ORB2

The "ORB2" Indicator (Opening Range Breakout 2) is designed to identify the key price range at the beginning of the trading day—commonly referred to as the opening range. Its main purpose is to help traders detect potential breakout points from this range, which are often used as signals for trade entries.

📌 Purpose
The indicator visually marks the highest (high) and lowest (low) price within a defined time interval at the start of the session (e.g., from 09:15 to 09:20). These values form what’s known as the opening range, which is often considered a consolidation zone before the market chooses a direction.

⚙️ How It Works
Time Setup:

The user defines the time window during which the opening range is monitored (default: 09:15–09:20).

The high and low values are tracked within this interval.

Session Detection:

When the defined session begins (is_first), the indicator records the current high and low as the initial ORB levels.

Range Updating:

During the session, if a new candle has a higher high or a lower low than the previously recorded ORB range, the indicator updates the levels accordingly.

Visualization:

The ORB zone is displayed as a shaded area (a blue fill between a green upper line and a red lower line)—but only when applied to intra-day charts with a time interval less than or equal to the specified inputMax (e.g., 5 minutes).

🎯 Purpose and Benefits
Quick breakout detection – Helps traders easily identify when price breaks out of the initial consolidation.

Clear visualization – Highlights the high/low boundaries and range area, making breakout strategies more effective.

Customizability – The user can adjust the session time and the maximum allowed chart resolution for display.