OPEN-SOURCE SCRIPT
NY Open OR/ATR Diff Planner – v2.8
NY Open OR/ATR Diff Planner – v2.8 (Hi-Contrast)
Trade the Opening Range Breakout with a plan, not vibes.
This tool builds the NY Opening Range (OR) from the cash open and overlays a complete, risk-based execution plan: precise entry, structural stop, position size, targets, and R:R — all tied to the Daily ATR(14) and the remaining ATR “fuel” left in the day.
What it does
Opening Range: First N minutes after 09:30 ET (choose 5/15/30/60).
Today-only lines: Automatically resets at 09:30; no carry-over from prior days.
Session aware: Works on RTH or ETH charts. OR always anchors at 09:30 ET.
Fuel model: Computes Session Range (since 09:30) and ATR Diff Left = Daily ATR − Session Range.
Entries & Stops:
Long plan: Entry = ORH, Stop = ORL
Short plan: Entry = ORL, Stop = ORH
Targets:
TP1 = 1R (distance of entry→stop)
TP (ATR-diff cap): Entry ± ATR Diff Left (caps greed when the day’s ATR is nearly spent)
Sizing & R:R: Position size = Account × Risk% / Risk per share, with live R:R to ATR-diff target.
Hi-contrast table: Clear readout of Daily ATR, OR size, OR/ATR%, Session Range, ATR left, entries/stops/TPs, size, and max $ risk.
Inputs
Opening Range (minutes): 5 / 15 / 30 / 60
Account Size ($) and Risk % per trade
Session mode: RTH (09:30–16:00) or ETH (chart’s session; still anchored at 09:30)
Also show Short plan (toggle)
Show info table (toggle)
How to use
Add on a 1–5m chart.
Choose your OR window (e.g., 15m = 09:30–09:45).
Set Account Size and Risk % (e.g., 4–5% for small accounts; adjust to taste).
Wait for the OR to complete.
Trade the break/retest with the levels shown:
Long: Break of ORH, SL at ORL, TP1 = 1R, TP2 = ATR-diff cap.
Short: Mirror logic.
If OR/ATR% > ~50% (red), the “fuel” is thin — be selective.
Why it helps build an edge
Objective structure: Clear levels and sizing remove guesswork.
Context-aware targets: ATR-diff keeps targets realistic to the day’s potential.
Discipline by design: One framework that’s easy to review, journal, and iterate.
Notes
This is an indicator (visual planner), not an order-placing strategy.
If you want a back testable version (one trade/day, optional retest rule, TP/SL logic), say the word — I can publish a strategy variant.
Keywords: ORB, Opening Range, ATR, Risk Management, Position Sizing, Day Trading, NYSE Open, Mean Reversion Fuel, Execution Planner
Trade the Opening Range Breakout with a plan, not vibes.
This tool builds the NY Opening Range (OR) from the cash open and overlays a complete, risk-based execution plan: precise entry, structural stop, position size, targets, and R:R — all tied to the Daily ATR(14) and the remaining ATR “fuel” left in the day.
What it does
Opening Range: First N minutes after 09:30 ET (choose 5/15/30/60).
Today-only lines: Automatically resets at 09:30; no carry-over from prior days.
Session aware: Works on RTH or ETH charts. OR always anchors at 09:30 ET.
Fuel model: Computes Session Range (since 09:30) and ATR Diff Left = Daily ATR − Session Range.
Entries & Stops:
Long plan: Entry = ORH, Stop = ORL
Short plan: Entry = ORL, Stop = ORH
Targets:
TP1 = 1R (distance of entry→stop)
TP (ATR-diff cap): Entry ± ATR Diff Left (caps greed when the day’s ATR is nearly spent)
Sizing & R:R: Position size = Account × Risk% / Risk per share, with live R:R to ATR-diff target.
Hi-contrast table: Clear readout of Daily ATR, OR size, OR/ATR%, Session Range, ATR left, entries/stops/TPs, size, and max $ risk.
Inputs
Opening Range (minutes): 5 / 15 / 30 / 60
Account Size ($) and Risk % per trade
Session mode: RTH (09:30–16:00) or ETH (chart’s session; still anchored at 09:30)
Also show Short plan (toggle)
Show info table (toggle)
How to use
Add on a 1–5m chart.
Choose your OR window (e.g., 15m = 09:30–09:45).
Set Account Size and Risk % (e.g., 4–5% for small accounts; adjust to taste).
Wait for the OR to complete.
Trade the break/retest with the levels shown:
Long: Break of ORH, SL at ORL, TP1 = 1R, TP2 = ATR-diff cap.
Short: Mirror logic.
If OR/ATR% > ~50% (red), the “fuel” is thin — be selective.
Why it helps build an edge
Objective structure: Clear levels and sizing remove guesswork.
Context-aware targets: ATR-diff keeps targets realistic to the day’s potential.
Discipline by design: One framework that’s easy to review, journal, and iterate.
Notes
This is an indicator (visual planner), not an order-placing strategy.
If you want a back testable version (one trade/day, optional retest rule, TP/SL logic), say the word — I can publish a strategy variant.
Keywords: ORB, Opening Range, ATR, Risk Management, Position Sizing, Day Trading, NYSE Open, Mean Reversion Fuel, Execution Planner
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Richard Etter
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Richard Etter
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.