Opening Range Breakout (ORB) [KRT]

May 16

Opening Range Breakout (ORB) [KRT]

This script calculates and plots the Opening Range Breakout (ORB) levels and provides buy/sell signals based on volume and trend filters.

Features:

• []ORB Calculation: Defines the high, low, and mid-point of the opening range based on the specified session time.
  []Volume Filter: Signals are generated only if the current volume is higher than the previous candle's volume.
  
• 200 EMA Filter: Buy signals are generated only if the price is above the 200 EMA, and sell signals are generated only if the price is below the 200 EMA.
  

Input Parameters:

• []ORB Total Time (minutes): The total time for the opening range breakout calculation.
  []Session Time: The time period for the session used to calculate the ORB.
  

How to Use:

1. []Apply the Indicator: Add this script to your chart by copying the code into the Pine Editor and clicking "Add to Chart."
   []Configure Settings: Adjust the session time and ORB total time in the input settings as needed.
   
2. Trading Signals: Look for buy signals (green triangles) when the price crosses above the ORB high with higher volume and the price is above the 200 EMA. Look for sell signals (red triangles) when the price crosses below the ORB low with higher volume and the price is below the 200 EMA.
   

Example:

• []Buy Signal: When a candle crosses above the ORB high, the volume is higher than the previous candle, and the price is above the 200 EMA.
  []Sell Signal: When a candle crosses below the ORB low, the volume is higher than the previous candle, and the price is below the 200 EMA.
  

May 18

Release Notes

Update:

• Added EMA Trend filter toggle switch
  
• Upgraded EMA trend filter to be 50 & 200 cross
  

May 27

Release Notes

Update:

• Added visual EMA trend indicator
  

May 27

Release Notes

Added visual EMA filter

• EMA Filter plots the 50 & 200 EMA
  
• EMA shows break when bullish & red when bearish
  
• EMA filter also includes 125 EMA - average of the two main moving averages
  

May 27

Release Notes

Added 50% Range Plot - shows the middle of the ORB range

Jun 1

Release Notes

What's New:

1. Session Time: The default session time is now set to "0830-0845".

2. Plot Style Changes:
- The ORB Mid line is now thinner and displayed as circles.
- The 125 EMA line is also thinner and displayed as circles.

3. Signal Alerts:
- Alerts for trend signals now show the text "Trend".
- Alerts for RVOL signals now show the text "RVOL".

4. Independent Strategies:
- Trend and RVOL strategies are now independent of each other.
- Each strategy generates its own signals without considering the other.

5. EMA Toggle:
- The EMA has its own independent toggle to enable or disable it.

6. RVOL Threshold:
- The default RVOL threshold is now set to 2.

Jun 1

Release Notes

• **Combo Signals:**
  **Combo Buy Signal:** Triggered when both Trend and RVOL Buy conditions are met on the same candle.
  **Combo Sell Signal:** Triggered when both Trend and RVOL Sell conditions are met on the same candle.
  Combo signals are plotted with blue triangles for clear visual distinction.
  
• **Alert Conditions:**
  
  • Added alert conditions for Combo Buy and Sell signals to notify when both conditions are met simultaneously.
    

Jun 1

Release Notes

Name Change in the code to "Opening Range Breakout (ORB) [KRT]

Jun 8

Release Notes

Summary of Changes to the ORB Script

1. Added Trading Hours Setting:
- We added a new setting where you can specify the start and end times for when you want to trade, just like you do for the session time.

2. Time Check for Trading Hours:
- The script now includes a check to see if the current time falls within your specified trading hours.

3. Filter Signals by Trading Hours:
- Buy and sell signals will only be considered if they happen within the trading hours you set. This helps to ensure trades are only made during your preferred times.

4. Updated Alerts and Plots:
- Alerts and visual indicators on the chart will only appear if the signals happen within your specified trading hours.

These changes give you better control over when trades are allowed, making it easier to manage your trading times.

Jun 10

Release Notes

[code]
Indicator Update Summary:

We’ve made some exciting updates to the Opening Range Breakout (ORB) indicator. Here’s what’s new:

1. New Scalp Strategy:

Added a new scalp strategy:
Buys when there’s a bullish candle and the previous two candles were bearish.
Sells when there’s a bearish candle and the previous two candles were bullish.
Scalp buy signals are shown with teal triangles pointing up.
Scalp sell signals are shown with teal triangles pointing down.
2. VWAP Filter:

Added the Volume Weighted Average Price (VWAP) filter:
Scalp buys only happen if the price is above the VWAP.
Scalp sells only happen if the price is below the VWAP.
You can turn the VWAP display on or off.
3. Volume Filter for Scalp Signals:

Scalp strategy now checks volume:
The volume of the signal candle must be higher than the volume of the previous candle.
4. Clear ORB Levels:

The ORB high, low, and mid levels are now clearly shown on the chart.
5. Toggleable EMA Filters:

You can now turn the 50, 125, and 200 EMAs on or off for a cleaner chart.
These updates are designed to give you more reliable signals and improve your trading experience. Enjoy the enhanced indicator!
[/code]

Jun 10

Release Notes

Indicator Update Summary:

We’ve made some exciting updates to the Opening Range Breakout (ORB) indicator. Here’s what’s new:

1. New Scalp Strategy:

Added a new scalp strategy:
Buys when there’s a bullish candle and the previous two candles were bearish.
Sells when there’s a bearish candle and the previous two candles were bullish.
Scalp buy signals are shown with teal triangles pointing up.
Scalp sell signals are shown with teal triangles pointing down.
2. VWAP Filter:

Added the Volume Weighted Average Price (VWAP) filter:
Scalp buys only happen if the price is above the VWAP.
Scalp sells only happen if the price is below the VWAP.
You can turn the VWAP display on or off.
3. Volume Filter for Scalp Signals:

Scalp strategy now checks volume:
The volume of the signal candle must be higher than the volume of the previous candle.
4. Clear ORB Levels:

The ORB high, low, and mid levels are now clearly shown on the chart.
5. Toggleable EMA Filters:

You can now turn the 50, 125, and 200 EMAs on or off for a cleaner chart.
These updates are designed to give you more reliable signals and improve your trading experience. Enjoy the enhanced indicator!

Jun 17

Release Notes

Opening Range Breakout (ORB) [KRT]

Update Summary:

1. Enhanced Indicator Features:
- Added toggle switches for RVOL and Trend filters to enable or disable these strategies.
- Incorporated VWAP filter with a toggle switch to show or hide it on the chart.

2. Improved ORB Calculation:
- ORB (Opening Range Breakout) high, low, and mid levels are calculated based on the first 15 minutes after the opening bell.
- The indicator now draws the ORB high, low, and mid levels on the chart.

3. Trend and RVOL Breakout Signals:
- Added breakout signals based on Trend and RVOL strategies:
- Trend Buy Signal: Triggered when the close crosses above the ORB high and the 50 EMA is above the 200 EMA.
- Trend Sell Signal: Triggered when the close crosses below the ORB low and the 50 EMA is below the 200 EMA.
- RVOL Buy Signal: Triggered when the close crosses above the ORB high and the relative volume (RVOL) is above a user-defined threshold.
- RVOL Sell Signal: Triggered when the close crosses below the ORB low and the relative volume (RVOL) is above a user-defined threshold.

4. Take Profit (TP) and Stop Loss (SL) Levels:
- For each Trend and RVOL breakout signal, the indicator now draws TP and SL lines:
- TP for buy signals is set 100 ticks above the entry price.
- SL for buy signals is set 200 ticks below the entry price.
- TP for sell signals is set 100 ticks below the entry price.
- SL for sell signals is set 200 ticks above the entry price.
- The lines are colored orange for Trend signals and blue for RVOL signals.
- The lines are drawn from the previous candle to the next candle to indicate the levels clearly.

5. Trading Window Configuration:
- Users can configure the trading window during which the breakout signals and corresponding TP/SL lines are valid.
- Signals and lines are only drawn if they occur within this specified trading window.

6. EMA Filter:
- Added toggle switch to show or hide 50 EMA and 200 EMA on the chart.
- The color of the EMAs changes based on their relationship (green if the 50 EMA is above the 200 EMA, and red otherwise).

7. Plot Customizations:
- The ORB high, low, and mid levels are plotted as lines.
- Buy and sell signals are marked with triangles on the chart.

8. Alert Conditions:
- Added alert conditions for all buy and sell signals (Trend Buy, Trend Sell, RVOL Buy, RVOL Sell).

These updates aim to enhance the functionality and usability of the ORB strategy, providing clear visual cues and flexibility to traders.

Jun 20

Release Notes

Version Update Summary

1. ORB Range Time Dropdown
- Updated the ORB range time to be selectable from a dropdown with options: 5min, 10min, 15min, 30min, 1hr.

2. Asset Selection
- Added an asset selection dropdown with options: MNQ, NQ, MYM, YM, ES, MES, RTY, M2K, GC, MGC, CL, MCL, SI, PL, PA, HG, ZC, ZW, ZS.
- Automatically sets the start time to 8:30 for MNQ, NQ, MYM, YM, ES, MES, RTY, M2K, and 9:30 for GC, MGC, CL, MCL, SI, PL, PA, HG, ZC, ZW, ZS.

3. Trade Window Duration Dropdown
- Added a trade window duration dropdown with options: 1hr, 2hr, 3hr.
- Automatically calculates the end time based on the selected asset's start time and chosen trade window duration.

4. Visual Filters Section
- Added a new section for visual filters with toggles for showing EMA and VWAP.

5. Strategy Filters Section
- Added a new section for strategy filters with toggles for using trend filter and RVOL filter.

6. Filter Variables Section
- Added a new section for filter variables including:
- Toggle for using SL & TP
- RVOL threshold setting
- RVOL length setting
- Trend TP and SL ticks settings
- RVOL TP and SL ticks settings

7. Improved Time Handling
- Improved the time formatting and handling for session times to avoid runtime errors.

8. Plot Adjustments
- Removed the plotting of the ORB mid line.
- Added conditional plotting for SL and TP lines based on the useSLTP toggle.

9. Alert Conditions
- Updated alert conditions for RVOL and Trend buy/sell signals to work with the new settings and filters.

Jun 20

Release Notes

Opening Range Breakout (ORB) [KRT] - Version Update Summary

1. ORB Range Time Dropdown
- You can now select the ORB range time from a dropdown with options: 5min, 10min, 15min, 30min, 1hr.

2. Asset Selection
- Added an asset selection dropdown with options: MNQ, NQ, MYM, YM, ES, MES, RTY, M2K, GC, MGC, CL, MCL, SI, PL, PA, HG, ZC, ZW, ZS.
- The start time is automatically set to 8:30 for MNQ, NQ, MYM, YM, ES, MES, RTY, M2K, and 9:30 for GC, MGC, CL, MCL, SI, PL, PA, HG, ZC, ZW, ZS.

3. Trade Window Duration Dropdown
- You can now select the trade window duration from a dropdown with options: 1hr, 2hr, 3hr.
- The end time is automatically calculated based on the selected asset's start time and chosen trade window duration.

4. Visual Filters Section
- Added a new section for visual filters with toggles to show or hide the EMA and VWAP.

5. Strategy Filters Section
- Added a new section for strategy filters with toggles to use the trend filter and RVOL filter.

6. Filter Variables Section
- Added a new section for filter variables including:
- RVOL threshold setting
- Trend RVOL threshold setting
- RVOL length setting
- Toggle for using SL & TP
- Trend TP and SL ticks settings
- RVOL TP and SL ticks settings

7. Improved Time Handling
- Improved the time formatting and handling for session times to avoid runtime errors.

8. Plot Adjustments
- Removed the plotting of the ORB mid line.
- Added conditional plotting for SL and TP lines based on the useSLTP toggle.

9. Alert Conditions
- Updated alert conditions for RVOL and Trend buy/sell signals to work with the new settings and filters.

10. EMA and Background Transparency
- The 50 and 200 EMA plots now have 0% transparency, while the fill between the EMAs retains its original transparency.

11. Trend Filter with RVOL
- Added a trend filter condition where the trend buy/sell signals are only triggered if the RVOL is greater than the specified threshold.

Jul 29

Release Notes

* Small Bug Adjustment

Jul 29

Release Notes

* Bug fixes and changes

Aug 5

Release Notes

Changes to the Opening Range Breakout (ORB) [KRT] Indicator:

Default Values Updated:

Trend TP: 150 ticks
Trend SL: 300 ticks
RVOL TP: 150 ticks
RVOL SL: 300 ticks
RVOL Length: 35
RVOL Threshold: 1
Trend RVOL Threshold: 1
Added Customizable Stop Loss (SL) & Take Profit (TP) Levels:

Users can enable or disable SL & TP levels and adjust the tick values for both trend and RVOL signals.
Improved Signal Filtering:

Added options to independently toggle Trend and RVOL filters.
RVOL signals do not use the trend filter but can be active simultaneously with trend signals if both filters are enabled.
Enhanced Signal Visualization:

Separate TP and SL lines for both Trend and RVOL signals, color-coded for easy identification:
Orange lines for Trend signals
Blue lines for RVOL signals

Aug 8

Release Notes

Updates!

Defaults settings have been updated.

• Trend RVOL filter TP & SL changed to 150/300 ticks
  
• RVOL Filter TP & SL changed to 300/300 ticks
  

These changes are due to the increased profitability and strike rate through automated backested.

Aug 8

Release Notes

Bug Fixes

Aug 8

Release Notes

Update

* Changed "RVOL" and "Trend" signals to "Buy" and "Sell" accordingly
* RVOL signal color remains blue: Arrows, SL, and TP
* Trend RVOL signal color remains orange: Arrows, SL, and TP

Aug 8

Release Notes

Small Bug Fixes

Sep 16

Release Notes

Opening Range Breakout (ORB) [KRT] - Updated Version
This updated version of the Opening Range Breakout (ORB) [KRT] indicator introduces two powerful strategies designed for different trading styles: NASDAQ Scalp and NASDAQ Swing. Whether you’re a beginner or an experienced trader, this indicator helps you capitalize on the opening market volatility with easy-to-use features and customizable settings.

What's New in This Version:

• Two Trading Strategies:
  
  NASDAQ Scalp:
  Optimized for short-term trading.
  150 ticks Take Profit (TP) and 300 ticks Stop Loss (SL).
  Maximum of 1 trade per day, ensuring controlled risk exposure.
  Must be used on the 5-minute chart.
  NASDAQ Swing:
  Designed for traders who prefer a longer time horizon.
  250 ticks Take Profit (TP) and 300 ticks Stop Loss (SL).
  Allows up to 2 trades per day for more trading opportunities.
  Must be used on the 5-minute chart.

• Risk Management:
  
  Both strategies include built-in Take Profit (TP) and Stop Loss (SL) levels, automatically plotted on the chart to help you manage risk efficiently.
  Daily trade limits (1 trade for NASDAQ Scalp, 2 trades for NASDAQ Swing) ensure consistent risk management and prevent overtrading.

• Volume-Based Confirmation:
  
  The indicator uses Relative Volume (RVOL) to confirm breakouts, helping you avoid false signals and stay in high-probability trades.

• Customizable Settings:
  
  VWAP and 9 EMA are included with toggles for additional analysis.
  Adjust the Opening Range Time, Trade Window Duration, and other parameters to match your personal trading style.
  A daily time cutoff ensures no signals are triggered after 11:00am CST (customizable for your time zone).

• Visual Cues and Alerts:
  
  Buy and Sell signals are clearly marked on the chart with easy-to-see triangles.
  Set up alerts for both buy and sell signals so you never miss a trading opportunity.

How to Use This Indicator:

Select the strategy that matches your trading style:
NASDAQ Scalp: If you’re a short-term trader looking for quick moves and prefer a single trade per day.
NASDAQ Swing: If you want to capture larger moves and can manage up to two trades per day.
Make sure you are using the 5-minute timeframe for both strategies to optimize your trades.
The indicator will automatically plot the ORB levels and confirm breakouts using RVOL. TP and SL lines will be drawn once a trade is entered.

Sep 18

Release Notes

Bugs Fixed

Sep 25

Release Notes

[center]Opening Range Breakout (ORB) [KRT] - v2[/center]

Description:
This is an enhanced version of the Opening Range Breakout (ORB) strategy indicator designed for intraday trading. It provides a flexible framework for Breakout and Retest strategies with built-in trade management tools such as take profit (TP) and stop loss (SL) settings.

Key Features & Updates:

• Timeframe Adjustment: The indicator now works exclusively on the 15-minute timeframe.
  
• Strategies Renamed: "NASDAQ Scalp" and "NASDAQ Swing" have been renamed to "Breakout" and "Retest" strategies, respectively.
  
• Take Profit and Stop Loss Settings: The TP is set to 100 ticks and the SL is set to 200 ticks for both Breakout and Retest strategies.
  
• Retest Strategy Entry Conditions Modified:Buy: The low of the candle is below the ORB High, while the open and close of the candle are above the ORB High.
  Sell: The high of the candle is above the ORB Low, while the open and close of the candle are below the ORB Low.
  
• Added Trade Window Duration Options: You can now choose between 1hr, 2hr, 3hr, 4hr, and 5hr trade windows for added flexibility.
  
• Added Max Trades Per Day Setting: A new option allows you to limit the number of signals per day, with the ability to set the maximum trades per day directly in the settings.
  
• Removed Gap Away & Gap Close Strategies: These strategies have been removed to streamline the indicator and focus solely on the Breakout and Retest strategies.
  
• Take Profit (TP) & Stop Loss (SL) Visuals: TP and SL lines are plotted on the chart when a trade signal is generated.
  
• VWAP and EMA Filters: Toggle options to display VWAP and 9 EMA on the chart as additional confirmation tools.
  
• Custom Alerts: Alerts have been set up for Buy and Sell signals, so you can be notified when a trade setup occurs.
  

How to Use:
1. Choose between the "Breakout" and "Retest" strategies based on your preference.
2. Set the ORB range time (5, 10, 15, 30, or 60 minutes) and the trade window duration (1hr to 5hr).
3. Customize the maximum trades per day to suit your risk management plan.
4. Toggle the visual filters (VWAP, EMA) and alerts as needed.

Settings Summary:

• ORB Range Time: Choose between 5, 10, 15, 30, or 60 minutes.
  
• Strategy: Choose between Breakout and Retest.
  
• Trade Window Duration: Set between 1hr to 5hr.
  
• Max Trades Per Day: Set the limit for the number of trades.
  
• TP and SL: Default TP is 100 ticks, and SL is 200 ticks for both strategies.
  
• Visual Filters: VWAP and EMA toggle options.
  
• Alerts: Configurable Buy/Sell alerts for trade signals.
  

Changelog:

• Removed Gap Away and Gap Close strategies.
  
• Renamed NASDAQ Scalp to Breakout and NASDAQ Swing to Retest.
  
• Modified entry conditions for the Retest strategy.
  
• Added support for 4hr and 5hr trade window durations.
  
• Added a setting for limiting the number of trades per day.
  
• Updated TP to 100 ticks and SL to 200 ticks for all strategies.
  
• Added plot lines for TP and SL on the chart.
  
• Added VWAP and 9 EMA filters with toggle settings.
  
• Custom alerts for Buy and Sell signals.