Open Range Breakout (ORB) with Alerts

🚀 ChartsAlgo – Open Range Breakout (ORB) with Alerts
The Open Range Breakout (ORB) Indicator by ChartsAlg is designed for intraday traders looking to capitalize on price movements after the market’s opening range. This tool is especially effective for futures (MNQ, MES) and high-volatility stocks or crypto where initial volatility sets the tone for the session.

This indicator identifies a user-defined opening range window, plots the high/low lines of that range, and visually alerts users when price breaks out above or below the range — with options to customize breakout repetitions, background fill, and alerts.

💡 What is an Open Range Breakout (ORB)?
The opening range represents the high and low established during the first few minutes of the trading session — usually 15 or 30 minutes. Many intraday strategies are based on the idea that breaking out of this initial range often signals strong momentum and trend continuation.

Traders often enter:

Long when price breaks above the range high.

Short when price breaks below the range low.

⚙️ How It Works
You define a session window (e.g., 09:30–09:45 EST).

The indicator tracks the high and low during this time.

Once the session ends, the high and low become your range breakout levels.

The indicator then:

Plots lines for visual clarity

Optionally fills background between the range

Triggers breakout signals if price crosses the levels

Provides alerts when breakouts occur

🛠️ Settings Breakdown
🔹 Session Settings
Range Session: Set your preferred window (e.g., 0930–0945). Can be premarket, first 30 mins, or any custom time.

Time zone: Use "America/New York" for EST (default) or change to "GMT+0" for international traders.

🔹 Breakout Settings
Bullish Breakout Signals: Number of allowed breakout alerts above the range.

Bearish Breakout Signals: Number of allowed breakout alerts below the range.

This prevents repeated alerts once breakout has been confirmed.

🔹 Display Settings
Show Background Fill: Fills area between high/low of the range for easier visual analysis.

Show Breakout Signals: Triangle markers plotted on the chart when breakouts happen.

Only Show Today’s Range: Keeps the chart clean by showing only the most current day’s range.

🔹 Color Settings
Range High/Low Line Colors: Choose any color for clarity.

Range Fill Color: Customize the highlight area for your chart style.

📊 Chart Features
Range High/Low Lines: Automatically plotted after range session ends.

Visual Fill Box: Optional background shading between the opening range.

Triangle Breakout Markers: Appear at the breakout candle.

Alerts: Can be used with TradingView’s alert system to notify you of breakouts in real-time.

🔔 Alerts
Two alert conditions are built in:

Bullish Breakout: Triggers when price breaks above the high of the range.

Bearish Breakout: Triggers when price breaks below the low of the range.

Example Alert Message:
📈 “Bullish Breakout above Open Range on AAPL!”

To activate:

Click “🔔 Alerts” on TradingView.

Set condition to this script.

Choose “ORB Breakout Up” or “ORB Breakout Down”.

Choose alert frequency and notification method.

⚠️ DISCLAIMER
ChartsAlgo tools are for informational and educational purposes only.
They are not financial advice or signals. Past performance does not guarantee future results. Use at your own risk and always implement solid risk management.

By using this indicator, you agree that you are solely responsible for any trades or decisions made based on the information provided.