ORB 15 Min By EquityDurai
7692 views
#Let the index/stock trade for the first fifteen minutes and then use the high and low of this "fifteen minute range" as support and resistance levels.
#A buy signal is given when price exceeds the high of the 15 minute range after an up gap.
#A sell signal is given when price moves below the low of the 15 minute range after a down gap.
#It's a simple technique that works like a charm in many cases.
>If you use this technique, though, a few caveats are in order to avoid whipsaws and other market traps.
>The most common whipsaw is a trading range that lasts longer than 15 minutes.
>If an obvious range builds in 20, 25 or even 30 minutes , use those to define your support and resistance levels.
>Also consider the higher noise level in the morning.
>A breakout that extends only a tick or two can be easily reversed and trap you in a sudden loss.
>So let others take the bait at these levels, while you find pullbacks and narrow range bars for trade execution.
#A buy signal is given when price exceeds the high of the 15 minute range after an up gap.
#A sell signal is given when price moves below the low of the 15 minute range after a down gap.
#It's a simple technique that works like a charm in many cases.
>If you use this technique, though, a few caveats are in order to avoid whipsaws and other market traps.
>The most common whipsaw is a trading range that lasts longer than 15 minutes.
>If an obvious range builds in 20, 25 or even 30 minutes , use those to define your support and resistance levels.
>Also consider the higher noise level in the morning.
>A breakout that extends only a tick or two can be easily reversed and trap you in a sudden loss.
>So let others take the bait at these levels, while you find pullbacks and narrow range bars for trade execution.
Release Notes:
#Let the index/stock trade for the first fifteen minutes and then use the high and low of this "fifteen minute range" as support and resistance levels.
#A buy signal is given when price exceeds the high of the 15 minute range after an up gap.
#A sell signal is given when price moves below the low of the 15 minute range after a down gap.
#It's a simple technique that works like a charm in many cases.
>If you use this technique, though, a few caveats are in order to avoid whipsaws and other market traps.
>The most common whipsaw is a trading range that lasts longer than 15 minutes.
>If an obvious range builds in 20, 25 or even 30 minutes , use those to define your support and resistance levels.
>Also consider the higher noise level in the morning.
>A breakout that extends only a tick or two can be easily reversed and trap you in a sudden loss.
>So let others take the bait at these levels, while you find pullbacks and narrow range bars for trade execution.
#A buy signal is given when price exceeds the high of the 15 minute range after an up gap.
#A sell signal is given when price moves below the low of the 15 minute range after a down gap.
#It's a simple technique that works like a charm in many cases.
>If you use this technique, though, a few caveats are in order to avoid whipsaws and other market traps.
>The most common whipsaw is a trading range that lasts longer than 15 minutes.
>If an obvious range builds in 20, 25 or even 30 minutes , use those to define your support and resistance levels.
>Also consider the higher noise level in the morning.
>A breakout that extends only a tick or two can be easily reversed and trap you in a sudden loss.
>So let others take the bait at these levels, while you find pullbacks and narrow range bars for trade execution.
Comments
please guide me bro
If I want the script to start from 0930 - 1030 then end at end of day? (equities use)
Thank you
The duration of the opening can be a variable instead of 15 minutes only, let's say X the value in minutes and below I set 2 hours (120 minutes) instead of 15 for the OR as for an example:
up15on = input(true, title="X Minute Opening Range High")
down15on = input(true, title="X Minute Opening Range Low")
X=input("120")
is_newbar(res) => change(time(res)) != 0
adopt(r, s) => security(syminfo.tickerid,r, s)
high_range = valuewhen(is_newbar('D'),high,0)
low_range = valuewhen(is_newbar('D'),low,0)
high_rangeL = valuewhen(is_newbar('D'),high,0)
low_rangeL = valuewhen(is_newbar('D'),low,0)
up15 = plot(up15on ? adopt(X, high_rangeL): na, color = color.lime, linewidth=2)
down15 = plot(down15on ? adopt(X, low_rangeL): na, color = #ff0000, linewidth=2)
// TimeFrame = TF; Opening Range High = ORH; Opening Range Low = ORL; Opening Range Average = ORA
study(title="TESTING ORB", shorttitle="TESTING ORB", overlay=true)
TF=input("120")
is_newbar(res) => change(time(res)) != 0
adopt(r, s) => security(tickerid, r, s)
ORH = valuewhen(is_newbar('D'), high, 0)
ORL = valuewhen(is_newbar('D'), low, 0)
ORA = (ORH + ORL)/2
High = plot(adopt(TF, ORH), color = #000000, linewidth = 2)
Low = plot(adopt(TF, ORL), color = #000000, linewidth = 2)
Average = plot(adopt(TF, ORA), color = #787B86, linewidth = 2)
//