ORB with Variable Timeframe and Profit Targets

Feb 4, 2023

✅ Indicator Overview
The ORB Indicator with Variable Timeframe and Profit Targets is a trading tool that helps traders identify opportunities in the market. It allows traders to set the opening range in minutes from 1 to 120, with a default range of 3 minutes. The indicator displays upper and lower bounds of the range, which can be configured to include premarket and aftermarket price action. It also provides two configurable profit targets that change color and display an on-chart marker when achieved.

✅ How the Strategy Works

The Opening Range Break (ORB) strategy is a trading strategy that takes advantage of high volume and volatility in the opening minutes of a trading session. It uses the opening range, which is the range between the highest and lowest prices in the first few minutes of the trading day, as a key indicator of market direction.

• Entry: Traders use the break of the opening range as entry points
  
• Profit Target: PTs are typically a multiple of the ORB (e.g 0.5x to 1.5x)
  
• Stop Loss: stop loss in typically set at the middle of the opening range or at the outer edge of the range
  

✅ Indicator Configuration

The ORB Indicator offers the following configurable options:

• ORB Range in Minutes (min: 1, max: 120): - the range the indicator will use to draw the upper and lower bound of the range.
  
• Plot Opening Range High: Displays the upper bound of the range
  
• Plot Opening Range Low: Displays the low bound of the range
  
• Show Profit Target 1: Displays the first profit target level on both the short and long trade position
  
• Show Profit Target 2: Displays the second profit target level on both the short and long trade position
  
• Profit Target 1 (integer): Sets the distance from the opening range for the first profit target. Value is multiplied by 0.1 (e.g. 5 = 0.5). The profit target line will be dark until the target is hit. Then the line turns bright green.
  
• Profit Target 2 (integer): Sets the distance from the opening range for the second profit target. Value is multiplied by 0.1 (e.g. 10 = 1.0). The profit target line will be dark until the target is hit. Then the line turns bright green.
  
• Show marker when Profit Target hit: Displays an on-chart marker when profit targets are achieved.
  

Every line's color and style can be customized to meet the trader's needs.
Free to use and modify by the team at TrueTrader

Feb 4, 2023

Release Notes

Adding ability to hide/show profit target lines

Feb 5, 2023

Release Notes

Improved labels and default colors.
Improved configuration groups

Feb 5, 2023

Release Notes

Improve Format dialog inputs.