ORB Visual Backtester [MTF]

This indicator is designed to help traders visualize and backtest the Opening Range Breakout (ORB) strategy with precision and flexibility. Its primary goal is to facilitate rapid visual backtesting, allowing traders to instantly see how price action behaved around the opening range on historical dates and refine their strategies accordingly without needing complex replay modes.

A key feature of this script is its Multi-Timeframe (MTF) capability. It allows you to view the ORB levels of a higher timeframe (e.g., 60-minute or 15-minute) while trading or analyzing on a lower timeframe (e.g., 1-minute or 5-minute chart).

Key Features

• Visual Backtesting Optimized: By keeping the ORB box visible for a set duration on past sessions, you can easily scroll back through history to analyze win/loss rates and price behavior at a glance.
  
  
• Multi-Timeframe Support: Define the ORB candle on any timeframe (e.g., 15m) and view it seamlessly on lower timeframes.
  
  
• Custom Session Duration: The ORB box does not clutter the chart indefinitely. It stays visible for a specific duration (default: 390 minutes/full session) and then stops, keeping your chart clean.
  
  
• Precise Timing: Users can set the exact Start Hour and Start Minute to match any market open (e.g., NYSE, London, or crypto sessions).
  
  
• Weekend Filter: The indicator automatically skips Saturdays and Sundays to prevent invalid drawings during weekend gaps.
  

Settings & Configuration

1. ORB Settings

ORB Timeframe: Select the resolution used to calculate the Opening Range (e.g., "15" for a 15-minute ORB).

Start Hour (0-23) & Minute (0-59): The exact time the market session begins (e.g., 09:30).

Box Duration (Minutes): How long the box should extend to the right. The default is 390 minutes (6.5 hours), covering a standard trading session.

2. Visual Settings

Box Background Color: Sets the fill color and transparency of the ORB zone.

Border Color / Width: Customizes the outline of the box.

Show Price Labels: Toggles the visibility of price labels extending from the High and Low of the range.

How to Use for Strategy Building

1. Set the ORB Timeframe (e.g., 15 min).
   
   
2. Scroll back to previous days on your chart.
   
   
3. Observe whether the price respected the range, faked out, or broke out cleanly.
   
   
4. Use this visual data to determine the most profitable breakout rules for your specific asset.
   

Note: This Pine Script code and the description text above were generated with the assistance of Artificial Intelligence.