Opening Range Trader

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This indicator, "Opening Range Trader," provides visual tools for defining and tracking two customizable intraday ranges plus today’s open, high, and low. It is designed for day traders to identify support, resistance, and breakout opportunities by automatically marking key price levels that often shape the day's momentum.

It offers:

Customizable start and end times for two independent time ranges.

Toggle options to display lines for the selected ranges and for today’s open, high, and low.

Automatic adaptation for New York market hours.

Real-time updates for session highs/lows and today’s evolving levels.

Traders use this to watch for breakouts above or below the opening range (ORB strategy), to fade false moves when price returns inside the range, or to participate in trending moves after volatility begins. A common setup is entering long on closes above the range high, or short on closes below the range low, with stops and targets based on the range’s width or the opposite boundary.

Risk management approaches include placing stop losses at the midpoint or at the opposite end of the range, and adjusting targets for measured moves. Volume confirmation can help filter valid breakouts, while adapting times for specific assets and trading styles maximizes flexibility.

The second range allows traders to repeat similar strategies later in the session for evolving momentum windows, making this indicator useful for multiple intraday setups.

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Phát hành các Ghi chú

Updated the default settings. Added user ability to change the colors of the line.

The default ranges are automatically plotted for the 5 minute candle starting at 9:30 and also automatically plotting the 30 minute candle starting at 9:30. The lines are extended until 4PM by default. Multi-time frame.