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ORB - Alerts, VWAP and MACD Checks, Extended Fib Levels

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ORB Range Alerter with Shading, VWAP Check, MACD Check, and Extended Fibonacci Levels for TP – Fully Customizable

This indicator is designed to give you a comprehensive analysis of the Opening Range Breakout (ORB) combined with advanced conditions based on VWAP and MACD indicators, along with Extended Fibonacci Levels for both long and short TP positions.

Key Features:

Opening Range Breakout (ORB):

Defines the opening range at the market open (9:30 AM by default) based on your chart timeframe and shades it for visibility.

The high and low of the first candle after the open are plotted on the chart, creating a breakout range that traders can use to identify potential long or short positions.

VWAP Condition (Optional):

This indicator includes the option to enforce the VWAP (Volume-Weighted Average Price) as a condition for entering trades.
- Longs will only trigger if the price is above VWAP (when enabled).
- Shorts will only trigger if the price is below VWAP (when enabled).

Customizable: You can enable or disable the VWAP condition through a simple checkbox in the indicator’s settings.

MACD Condition (Optional):

Includes an optional MACD (Moving Average Convergence Divergence) condition.
- Longs will only trigger if the MACD line is above 0 and the signal line, providing confirmation of bullish momentum.
- Shorts will only trigger if the MACD line is below 0 and the signal line, indicating bearish momentum.

Customizable: You can enable or disable the MACD condition through a checkbox in the indicator’s settings, allowing you to trade with or without the MACD confirmation.

Fibonacci Extensions for Profit Targets:

Automatically calculates Fibonacci extension levels based on the ORB range for TP levels.
These levels provide key areas for potential profit-taking or reversal points.

Fibonacci extensions are plotted only after a confirmed breakout, either long or short.

The extensions include 127.2%, 161.8%, 200%, 261.8%, 423.6%, and 685.4%, offering a comprehensive set of targets for different trading strategies.

Shading of ORB Range:

The ORB high and low are visually emphasized on the chart with a shaded area for easy identification.
The shading is semi-transparent to help keep your chart clean and easy to read.

Customizable Timeframe:

The ORB range is defined based on the time of day (default is 9:30 AM to 4:00 PM), but you can adjust the timeframe to suit different trading sessions or markets.

Alerts for Breakouts:

Built-in alerts notify you when price crosses above or below the ORB high or low, along with the optional VWAP and MACD conditions.
Alerts can be used to create automated notifications or even execute automated trades based on your chosen settings.

How to Use:

Long Trade Example: When the price crosses above the ORB high, VWAP is above the price, and MACD shows bullish momentum (if these conditions are enabled), a potential long entry is triggered. You can use the Fibonacci extensions for profit targets.

Short Trade Example: When the price crosses below the ORB low, VWAP is below the price, and MACD confirms bearish momentum (if these conditions are enabled), a short entry is triggered. Fibonacci levels for the short position can guide your exit strategy.

Flexibility: You can enable or disable both VWAP and MACD conditions based on your trading style. This flexibility allows the indicator to adapt to different market conditions and strategies.

Customization Options:
Enable/Disable VWAP Condition: Decide if you want to include VWAP as a trade filter.
Enable/Disable MACD Condition: Choose whether to require MACD as confirmation for trade entries.
Adjust ORB Timeframe: Customize the time range for defining the ORB based on the market you're trading.
Fibonacci Extensions: Visualize key profit targets using Fibonacci extensions, which are automatically calculated and displayed after a breakout.

發布通知

- a few bug fixes

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- added PreMarket High and Low on the chart

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I added the ability to toggle the fib TP's on and off easily

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- minor bug fix

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- changed some text for clarity

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- minor updates