[RS]Open Range Breakout V0

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Request for DCC
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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)
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!
should be possible, ill give it a shot over the weekend
coondawg71 RicardoSantos
Thanks a lot!
I have a question about this indicator. Should 60 be the setting no matter what time frame you trade on?
not at all, should be scaled for the market volatility(market range) and intended performance(trades/time).
Not working
For us traders that do not have as much experience, an explanation of your idea would be very helpful
this was a request for user DCC, should redirect inquires to him :p
...buy on green, sell on red
+1 Reply
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