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About the Indicator

The Open Range Breakout (ORB) Indicator with ATR-based Trailing Stop-Loss is a strategic Trading View indicator that helps traders capture momentum following the market’s opening range. By establishing the high and low prices during a specific session, this indicator identifies breakout points and automatically implements a configurable trailing stop-loss based on the Average True Range (ATR), adding a layer of dynamic risk management to each trade. The indicator is designed for intraday sessions, offering flexibility with session timing, signal type configuration (close or touch), and stop-loss levels.

Features

• Customizable Opening Range: Set specific time intervals for defining the initial high and low prices of the session.
• Breakout Detection: Signals when price crosses the opening range’s high or low, indicating potential breakout opportunities.
• ATR-Based Trailing Stop-Loss: Uses a percentage of the ATR to set a dynamic trailing stop-loss that adjusts as the trade progresses, protecting gains.
• Trade Signal Configuration: Choose between “Close” or “Touch” as the trigger for breakout signals.
• Automatic Reset: Resets at the start of each new session to capture fresh breakout levels.

Understanding the Indicator

This ORB indicator is tailored for traders looking to capitalize on initial market volatility. By defining a clear opening range, it allows for strategic entries on breakouts, while the ATR-based trailing stop-loss dynamically protects profits as the trade moves in the breakout’s direction. The indicator is particularly beneficial for traders looking to manage risk effectively without manually adjusting stop-losses.

1. ORB Session Time: Define the opening range period (e.g., 09:15-09:20) to set the high and low for the session.
2. Signal Configuration: Select either “Close” or “Touch” to determine whether the breakout signal is triggered by the price closing or simply touching the ORB levels.
3. ATR Trailing Percentage: Set the percentage of ATR used to calculate the trailing stop-loss (default is 0.38%).
4. Enable Trailing Stop-Loss: Option to activate or deactivate the trailing stop-loss line.

Note: ORB screener is separately available (as shown in the above image) where you can configure up to 40 stocks and get notified via screener when HIGH or LOW is broken in any of those stocks. This is a great way to keep a tap of your favorite stocks ORB positions. We have separated both indicator and screener to enhance the performance of Trading view indicators.

Summary

The ORB Indicator with ATR-based Trailing Stop-Loss is a powerful tool for traders focused on intraday breakout strategies. By combining the precision of the opening range with dynamic risk management via the ATR, it provides a structured approach to capture and protect gains. This indicator is a valuable addition for any trader looking to navigate the market’s early volatility with confidence and control.