ORB/Premarket Strategy

# How to Use: NextAlgo ORB/Pre Indicator

The **NextAlgo ORB/Pre** indicator is an advanced trading system designed for both manual and automated trading. It focuses on two primary strategies: **Opening Range Breakout (ORB)** and **Pre-Market High (PMH) Breakouts**, combined with Pivot Point supports.

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## 🚀 Getting Started

1. **Add to Chart**: Copy the Pine Script code and paste it into the TradingView Pine Editor, then click "Add to Chart".
2. **Timeframe**:
- **Chart Timeframe**: Best used on the **1-minute chart** for maximum precision, though it supports 3m and 5m.
- **ORB Timeframe (Default)**: Now set to **1 minute**. This defines the range of the very first candle of the session.
3. **Instruments**: Works on stocks (Big caps and Penny stocks).

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## 📖 How to Use

### 1. The Strategy Logic
The indicator automatically identifies key price levels at the start of the trading session.
- **For ORB**: It marks the high of the first 1-minute candle (by default).
- **For PMH**: It marks the highest price reached during the pre-market session.

### 2. Waiting for the Signal
- Once the level is established, the indicator waits for a **Power Candle** to close above it.
- A **"BUY" Triangle** will appear on the chart when all conditions (Volume, Body Size, Filters) are met.

### 3. Entering the Trade
- You can enter immediately on the signal candle close.
- **Optional**: Enable **"Safe Zone Entry"** to wait for the price to pull back to the middle of the breakout candle before entering for a better Risk/Reward.

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## 🛠 Key Settings & Features

### 1. General Settings
- **Stock Type**:
- `Big`: Optimized for large-cap stocks with more liquidity.
- `Penny`: Optimized for low-float, high-volatility stocks.
- **Trading Session**: Define your active trading window (Default: `0930-1550`).
- **Time Zone**: Set to your local or exchange time zone (Default: `UTC-5` for NYSE).

### 2. Breakout Strategies
Choose your primary entry logic:
- **ORB (Opening Range Breakout)**: Tracks the high of the first $X$ minutes of the session (now defaults to **1 minute**).
- **Pre-Market High (PMH)**: Tracks the highest point reached during the pre-market session (04:00 - 09:30).
- **Support Breakouts (S1/S2)**: Optional extra entry points based on Pivot Point levels.

### 3. Power Candle Conditions
The indicator only triggers a "BUY" if the breakout candle is "Strong". These filters include:
- **HVC (High Volatility Candle)**: Large body size compared to recent average.
- **HVAC (High Volume)**: Volume must be significantly higher than average.
- **Stable Close**: Requires at least 25% of the candle body to close above the level.
- **Wick Filter**: Rejects candles with long upper wicks (selling pressure).

### 4. Strategy Filters
Enhance your win rate by enabling these:
- **Green Day Filter**: Only trade if the current price is above the previous day's close.
- **VIX Filter**: Blocks entries if the VIX (Volatility Index) rises too sharply.
- **EMA Cloud Filter**: Only buy if the price is above the 7 and 21 EMAs.

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## 📉 Trade Management

- **Stop Loss**: Calculated using **ATR (Average True Range)**. The default multiplier is 0.1, meaning it stays tight to protect capital.
- **Take Profit (TP)**: Provides 5 target levels based on Risk/Reward ratios.
- **Trailing Stop**: If enabled, the stop loss moves to entry after TP1 and continues to trail behind the price to lock in profits.
- **Auto-Close**: Automatically clears visuals and closes logic at the end of the session.

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## 📊 Visual Indicators

- **Blue Candles**: Strong Bullish momentum.
- **Pink/Magenta Candles**: Strong Bearish momentum.
- **Green Triangle (BUY)**: Confirmed entry signal.
- **Lines**:
- **Blue Solid**: Entry Level.
- **Red Solid**: Current Stop Loss / Trailing Stop.
- **Green Dashed/Solid**: Target Levels (TP1-TP5).
- **Orange/Blue Level Lines**: The ORB or PMH level being watched.

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