ORB Indicator and Moving Average (Anjaneya)Name: ORB Indicator with Adjustable Buffer, Moving Averages, and Center Line
Overview:
This indicator is designed for intraday traders using the Opening Range Breakout (ORB) strategy. It calculates the high and low levels during a specific session (e.g., the first 5 minutes of the trading day) and applies adjustable buffers to these levels. Additionally, it includes a center line between the buffered high and low levels, as well as multiple moving averages for further trend analysis.
Features:
Opening Range Breakout (ORB) Levels:
High and Low: Identified during the configured session time (default: 9:15 AM to 9:20 AM).
Buffered Levels:
Calculated dynamically using the range between ORB high and ORB low.
A new percentage buffer is computed as half of the percentage change from the low to the high.
Buffered levels: Upside Buffer and Downside Buffer.
Center Line:
A visual midpoint between the Upside Buffer and Downside Buffer.
Displayed in light blue with 50% opacity and a thin line style.
Helps traders visualize the equilibrium point.
Crossover and Crossunder Signals:
Buy Signal (B): When the price crosses above the Upside Buffer.
Sell Signal (S): When the price crosses below the Downside Buffer.
Configurable for either close price or touch-based detection.
Moving Averages:
Includes Exponential Moving Averages (EMA) and Simple Moving Averages (SMA).
Configurable lengths for short-term, medium-term, and long-term trends.
Can be hidden or displayed as per user preference.
Customization Options:
ORB Session Time: Configurable to define the range for ORB calculation (default: 9:15 AM to 9:20 AM).
Signal Detection: Option to use Close or Touch for signal generation.
Moving Average Lengths: Adjustable for EMA (7, 14, 26) and SMA (50, 100, 200, 1000).
Buffer Calculation: Automatically calculates the buffer levels based on the ORB range.
Visual Elements:
Buffered Levels:
Green: Upside Buffer.
Red: Downside Buffer.
Center Line:
Light blue, 50% opacity.
Signals:
Buy: Green label below the bar.
Sell: Red label above the bar.
Moving Averages:
Color-coded and customizable for trend visualization.
Use Case:
This indicator is ideal for:
Breakout Trading: Identifying potential breakouts using buffered ORB levels.
Reversal Trading: Spotting price rejections near the ORB levels.
Trend Analysis: Leveraging moving averages to confirm or invalidate breakout signals.
