ARVELOV ORB + Highlight

ARVELOV ORB + Highlight

This indicator is designed to identify and visualize the Opening Range Breakout (ORB) for a selected trading session. The ORB is defined as the high and low price range during the first few minutes of the market open. Traders often use this range to spot potential breakout opportunities or gauge early market sentiment.

Key Features:

Customizable ORB Session: Default is 09:30–09:45 (15 minutes), but users can adjust the start and end times.

ORB High and Low Lines: Plots the highest and lowest prices reached during the ORB session.

Highlighted ORB Zone: The area between the ORB high and low is shaded to provide a clear visual of the opening range.

Intraday Timeframe Friendly: Works best on intraday charts with a timeframe equal to or smaller than the ORB duration.

Visual Aid for Breakouts: Helps traders quickly spot when the price breaks above or below the ORB, a common trigger for intraday trading strategies.

How It Works:

When the session starts, the indicator captures the first bar’s high and low as the initial ORB.

As the session progresses, it updates the ORB high and low if new highs or lows occur within the session.

The highlighted rectangle between the ORB high and low makes it easy to see the early trading range at a glance.

Use Case:

Traders can use this indicator to monitor potential breakout levels.

The ORB zone can also act as support/resistance for early intraday trades.