eriktrades1995-ORB-opening range breakout

This TradingView Pine Script indicator is designed to identify and display Opening Range Breakout (ORB) levels and signal potential breakout opportunities. It helps traders visualize the high and low of an initial trading period and then highlights the first instance the price breaks out of this range.

How it Works:

- Defines the Opening Range:

You can choose an ORB period of either 15 minutes or 30 minutes from the script's settings.
The script then monitors the price action during this initial period (e.g., 09:30 - 09:45 ET for a 15-minute ORB, or 09:30 - 10:00 ET for a 30-minute ORB, based on the New York timezone).
Identifies ORB High and Low:

- During the selected ORB period, the script records the highest high and lowest low reached.
Plots ORB Levels:

Once the ORB period is complete, two horizontal black lines are drawn on your chart:
One representing the ORB High.
One representing the ORB Low.
These lines extend for the remainder of the trading day.

- Signals Breakouts:

The script watches for the price to close outside of this established ORB range.
Break Above ORB High: If the price closes above the ORB High for the first time that day (after the ORB period), a small green upward-pointing triangle is plotted below the breakout bar.
Break Below ORB Low: If the price closes below the ORB Low for the first time that day (after the ORB period), a small red downward-pointing triangle is plotted below the breakout bar.
Only the first breakout in each direction is marked for the day.

- Daily Reset:

The ORB levels and breakout signals are automatically reset at the beginning of each new trading day.

Key Features:

Customizable ORB Duration: Choose between 15-minute or 30-minute opening ranges.
Clear Visuals: Easily identifiable ORB high/low lines and distinct breakout signals.
First Breakout Focus: Designed to capture the initial breakout momentum.
Intraday Strategy: Best suited for use on intraday charts (e.g., 1-minute, 5-minute, 15-minute).
New York Timezone Based: The ORB session is calculated based on 'America/New_York' time.

How to Use:
Traders typically use ORB strategies to identify potential continuations or reversals early in the trading session. A break above the ORB high might suggest bullish momentum, while a break below the ORB low might indicate bearish momentum. Always use in conjunction with other analysis and risk management techniques.