Open Range Breakout With Take Profit Zones — Indicator by praslin

supportandresistance orb opening range breakout takeprofit

Open Range Breakout With Take Profit Zones prints the open range and profitable zones based on the high and low during the opening hours.

This indicator can be used to prepare breakout trades following the OPR strategy. The time window for the open range as well as for the market hours can be configured. Also custom alerting templates allow to create alerts when a breakout out of the opening range occurs or when 50% take profit level is reached.

The background of pre and post market hours is coloured according to the configured time windows.

This indicator was written to support scalping and day trading. It does not calculate or display results on hourly, daily or weekly charts.

The open range and trading hours must be adjusted to the market time zone of your instrument. Also please take care that these settings are saved on the layout and not per instrument. Eventually create multiple layouts for instruments with different market time zones.

Release Notes:

Fixed the handling of the rangeMultiplier

Protected script

This script is published closed-source but you may use it freely. You can favorite it to use it on a chart. You cannot view or modify its source code.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Want to use this script on a chart?