Opening Range Breakout [UkutaLabs]

12 Haz 2024

█ OVERVIEW

The Opening Range Breakout is a powerful trading tool that indicates a strong range based on the high and low of the first fifteen or thirty minutes after market open. This range serves as a potential area of Support or Resistance that traders should be aware of during their trading. Because of this, the Opening Range Breakout is a versatile trading tool that can be included in a wide variety of trading strategies.

The aim of this script is to simplify the trading experience of users by automatically identifying and displaying price levels that they should be aware of.


█ USAGE

When the New York Market opens each day, the script will automatically identify and label the opening range in real time. The user can control whether the script measures the first 15 or 30 minutes of each trading day to fit each trader’s trading style.

Because there tends to be a spike in volume during this period, the range that is identified can serve as a powerful indication of overall market strength. Once the price breaks out of this range, it then can be used as an area of support or resistance depending on the direction of the breakout.


█ SETTINGS

Configuration

• Show Labels: Determines whether labels are drawn within the range.
• Display Mode: Determines the number of days the script should load.

Range Settings

• 15 Minute: Determines whether or not the 15 minute range is drawn.
• 15 Minute Color: Determines the color of the 15 minute range and labels.
• 30 Minute: Determines whether or not the 30 minute range is drawn.
• 30 Minute Color: Determines the color of the 30 minute range and labels.

13 Haz 2024

Sürüm Notları

• Major changes to the script, but indicator should function identically.
• Added options for 60 Minute, 240 Minute and Daily ORBs that can be toggled in indicator settings.
• Removed the previously existing Range Settings indicator settings group and created a new group for each ORB time frame (15 Minute, 30 Minute, 60 Minute, 240 Minute and Daily).

Added the following Settings:

60 Minute Orb

• Display (On/Off): Determines whether the 60 minute Opening Range Breakout is displayed on the chart.
• 60 Minute ORB Color: Determines the color of 60 minute Opening Range Breakouts.

240 Minute ORB

• Display (On/Off): Determines whether the 240 minute Opening Range Breakout is displayed on the chart.
• 240 Minute ORB Color: Determines the color of 240 minute Opening Range Breakouts.

Daily ORB

• Display (On/Off): determines whether the Daily Opening Range Breakout is displayed on the chart.
• Daily ORB Color: Determines the color of Daily Opening Range Breakouts.

13 Haz 2024

Sürüm Notları

• Fixed a minor error causing the Daily ORB to draw an incorrect range.

30 Haz 2024

Sürüm Notları

- Fixed minor bug causing range to start one bar late.

1 Tem 2024

Sürüm Notları

- The body of the Opening Range Breakout will now generate in real time as the bar is forming, instead of generating all at once afterwards.

27 Tem 2024

Sürüm Notları

- Added the option for users to toggle a 5 Minute ORB

14 Ağu 2024

Sürüm Notları

- Added a new setting: Extend Shaded Region. This setting allows the user to toggle whether or not the shaded region of the opening range breakout extends for the full duration of the day.

19 Ağu 2024

Sürüm Notları

- Added functionality for this script to work on seconds charts

10 Kas 2024

Sürüm Notları

-Adjusted time for daylight savings

9 Haz

Sürüm Notları

Fixed for Daylight Savings Time

9 Haz

Sürüm Notları

Fixed for EoD

10 Haz

Sürüm Notları

Adjusted the opacity of the shaded area.

11 Haz

Sürüm Notları

Reverted the changes for Daylight Savings Time.

14 Haz

Sürüm Notları

Fix for India session

14 Haz

Sürüm Notları

Added a toggle for DST - Users now have the option to apply DST or not.

15 Haz

Sürüm Notları

Added 'Shade Opacity' setting to allow users to define how translucent the shaded box displays

3 gün önce

Sürüm Notları

Added an option for the India Stock Exchange - Market Open.