Open Range Breakout Indicator ORB
Hello everyone,
Here is the ORB indicator (Open Range Breakout) used in the famous strategy of Toby Crabel:
http://www.amazon.fr/Trading-Short-Patterns-Opening-Breakout/dp/0934380171
An explanation video:
https://www.youtube.com/watch?v=CAHG_KAhhJw
Some other details here:
This indicator shows the highest and lowest in the first hour of trading that is very important. Default 9:00AM / 10.00AM. (European time zone)
This defines a Support and Resistance which we monitor breakage / Breakout in this strategy.
Bearings of 50% of the obtained range are also plotted.
It is of course quite possible, if desired, to change the indicator parameter for other time range
Bons trades 🙂
Zilliq
once maxii=undefined
once minii=undefined
once maxi1=undefined
once mini1=undefined
once maxi2=undefined
once mini2=undefined
once maxi3=undefined
once mini3=undefined
if time<090000 then
maxi=high
mini=low
elsif time<100001 and time>=090000 then
maxi=max(high,maxi)
mini=min(low,mini)
lerange=(maxi-mini)/2
else
maxii=maxi
minii=mini
maxi1=maxi+lerange
mini1=mini-lerange
maxi2=maxi+2*lerange
mini2=mini-2*lerange
maxi3=maxi+3*lerange
mini3=mini-3*lerange
endif
return maxii as "Maxi première heure de cotation", minii as "Mini première heure de cotation", maxi1 as "Maxi1" ,mini1 as "Mini1",maxi2 as "Maxi2" ,mini2 as "Mini2",maxi3 as "Maxi3" ,mini3 as "Mini3"
____________________________________
Coding is not a crime 😉
http://www.zilliqtradingresearch.fr/
Comments
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Thanks Nico for the advice. I was talking about this file "open-range-breakout-orb.itf" and if it can be saved in exe format
I really need this ORB indicator in mq4 or EXE file. Who has it Please?
Thanks Nicolas.
Hi zilliq! I have imported the indicator into Prorealtime but it doesn't overlay the price chart , it has a seperated like the other indicators eg MACD, am i doing something wrong?
bonjour,
Après import, "
Open Range Breakout Indicator ORB" n'apparaît dans la liste des Proscreener. Pourquoi ?
sorry for asking... I found the problem.
Hey zilliq,
thank you for the code. But if I try to import it, it opens as an extra window, right below the normal chart.
how can I get it in the chart?
Cheers
Flo
once maxii=undefined once minii=undefined once maxi1=undefined once mini1=undefined once maxi2=undefined once mini2=undefined once maxi3=undefined once mini3=undefined if time<093000 then maxi=high mini=low elsif time=093000 then maxi=max(high,maxi) mini=min(low,mini) lerange=(maxi-mini)/2 midrange=(maxi+mini)/2 else maxii=maxi minii=mini maxi1=maxi+lerange mini1=mini-lerange maxi2=maxi+2*lerange mini2=mini-2*lerange maxi3=maxi+3*lerange mini3=mini-3*lerange midrangei =midrange endif return maxii as "ORH", minii as "ORL", maxi1 as "UpperTarget1" ,mini1 as "LowerTarget1",maxi2 as "UpperTarget2" ,mini2 as "LowerTarget2",maxi3 as "UpperTarget3" ,mini3 as "LowerTarget3", midrangei as "MiddleRange" Hi, I used the above 5-Min ORB indicator codes for US30 DOW Index, from 9.30am to 9.35am New York Time. Most of the days the ORH (Opening Range High) & ORL (Opening Range Low) are plotted correctly. However, I noted the ORH for 30-Dec-2024 was plotted incorrectly. It was using the 9.28am High as the ORH for 30-Dec-2024. May I know why? And how can I correct it? Thank you in advance.