PumpC Opening Range Breakout (ORB) Stretch Range

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PumpC ORB Stretch

The PumpC ORB Stretch is a volatility-based indicator that helps traders identify potential breakout zones by analyzing how price typically behaves around the open. This tool is inspired by concepts introduced by Toby Crabel in his well-known book “Day Trading with Short-Term Price Patterns and Opening Range Breakout.”

Rather than predicting market direction, this indicator highlights areas where price is likely to expand based on recent volatility. It is designed for traders who prefer dynamic, data-driven breakout levels over static support and resistance zones.

What Is the "Stretch"?

In Toby Crabel’s framework, the Stretch is the average of the smaller of two price moves:

• The distance from the open to the high of the bar
  
• The distance from the open to the low of the bar

This smaller value captures the “quiet side” of the candle and reflects recent price compression. Averaged over multiple periods (commonly 10 daily bars), it creates a baseline to assess how far price may move away from the open under typical market conditions.

How the Indicator Works

The PumpC ORB Stretch follows this process:

• Uses a higher timeframe (such as daily) to calculate the open, high, and low.
  
• For each bar, measures the smaller of the two distances: open to high or open to low.
  
• Applies a moving average to the result over a user-defined number of bars (default is 10).
  
• Multiplies the average stretch by customizable levels (e.g., 0.382, 1.0, 2.0).
  
• Plots breakout levels above and below the open of the selected timeframe.
  

The result is a set of adaptive levels that expand or contract with market volatility.

Customization Options

• Stretch Timeframe: Choose the timeframe used for stretch calculation (default: Daily).
  
• Stretch Length: Set the number of bars to include in the moving average.
  
• Breakout Levels: Enable or disable individual levels and define multipliers.
  
• Color Settings: Customize colors for each range level for easy visual distinction.
  
• Plot Style: Circular markers are used to reduce chart clutter and improve readability.
  

How to Use It

• Use plotted levels to anticipate possible breakouts from the open.
  
• Adjust stretch length to reflect short-term or longer-term volatility trends.
  
• Combine this tool with momentum indicators, volume, or price action for confirmation.
  
• Use levels to help guide stop placement or profit targets in breakout strategies.
  

Important Notes

• This script is based on an interpretation of Crabel’s concepts and is not affiliated with Crabel Capital or the original author.
  
• The indicator does not predict direction; it is a tool for context and structure.
  
• It is recommended that users test and validate this tool in a simulated environment before applying it to live trading.
  
• This indicator is intended for educational purposes only.
  

Licensing and Attribution

This script is built entirely in Pine Script v5 and follows TradingView’s open-source standards. It does not include any third-party or proprietary code. If you modify or share it, please credit the original idea and follow all TradingView script publishing rules.

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Phát hành các Ghi chú

This update ensures that the ORB stretch levels remain fixed throughout the trading day by locking in the calculated stretch range at the start of each new session based on the selected timeframe. Previously, the levels would update dynamically as price moved, causing them to shift intraday. The change stabilizes the plotted levels by capturing the stretch range once per session using the most recent smoothed volatility value, allowing for more consistent and reliable reference levels during live trading.

31 thg 3

Phát hành các Ghi chú

Update Description:

After numerous messages requesting feature, This update adds optional labels to each stretch level, displaying the actual multiplier used (e.g., "+1.0", "-0.382") for clear identification during live trading. Labels appear once per session and align with the selected custom timeframe. A new toggle setting allows you to show or hide these level labels to keep your chart clean and informative.

Phát hành các Ghi chú

Revamped the plot approach for ORB H/L and +/- Levels. Provides a cleaner plot of lines using line.new versus the plot() approach. Allows user more control of plots.

Phát hành các Ghi chú

Enhanced Labeling with Price Display
Level labels now include the actual price value for each ORB/stretch level, making it easier to visually confirm price levels directly on the chart. Each label shows both the multiplier and the corresponding rounded price.

Expanded Alert Conditions
Alert conditions have been added for all stretch levels (Levels 2–5), both on cross above and cross below events. This allows for automated notifications when price interacts with any key ORB-derived level.

Phát hành các Ghi chú

Hoping this is the last update for a while. Needed to adjust small code that was showing wrong price label for the -OR level. Code adjusted and all should be good now.

Phát hành các Ghi chú

Adjusted approach to the Levels. Now using the Levels multiple of the entire range.