RicardoSantos

[RS]Open Range Breakout V0

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//@version=2
study(title='[RS]Open Range Breakout V0', shorttitle='ORB', overlay=true)
//  Request for DCC
tf = input(title='Timeframe for open range:', type=string, defval='60', confirm=false)
f_is_new_day() => change(time('D'))!=0

ND_open = f_is_new_day() ? security(tickerid, tf, open) : ND_open[1]
ND_high = f_is_new_day() ? security(tickerid, tf, high) : ND_high[1]
ND_low = f_is_new_day() ? security(tickerid, tf, low) : ND_low[1]

ND_stretch = na(ND_stretch[1]) ? 0 : f_is_new_day() ? (ND_stretch[1]*9 + security(tickerid, tf, (high-open)>=(open-low)?high-open:open-low)) / 10 : ND_stretch[1]

filter_high = f_is_new_day() ? na : ND_high
filter_low = f_is_new_day() ? na : ND_low

filter_high_stretch = f_is_new_day() ? na : ND_high+ND_stretch
filter_low_stretch = f_is_new_day() ? na : ND_low-ND_stretch

fh = plot(title='TR', series=filter_high, style=linebr, color=black)
fl = plot(title='BR', series=filter_low, style=linebr, color=black)
fhs = plot(title='TS', series=filter_high_stretch, style=linebr, color=green)
fls = plot(title='BS', series=filter_low_stretch, style=linebr, color=maroon)
fill(title='Positive Stretch', plot1=fh, plot2=fhs, color=green, transp=50)
fill(title='Negative Stretch', plot1=fl, plot2=fls, color=maroon, transp=50)
For us traders that do not have as much experience, an explanation of your idea would be very helpful
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this was a request for user DCC, should redirect inquires to him :p
...buy on green, sell on red
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Not working
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I have a question about this indicator. Should 60 be the setting no matter what time frame you trade on?
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not at all, should be scaled for the market volatility(market range) and intended performance(trades/time).
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Question please: Can we make it so a particular time period and be set at the "Open Range"? For example, I would like to set up the range to be from 10am -12pm. Thanks!
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should be possible, ill give it a shot over the weekend
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coondawg71 PRO RicardoSantos
Thanks a lot!
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