ORB Session Breakout

ORB Session Breakout

Overview
The ORB Session Breakout indicator automatically identifies Opening Range Breakouts across multiple trading sessions (Asia, London, and New York) and provides visual trade setups with entry, stop loss, and take profit levels.
Opening Range Breakout (ORB) is a classic trading strategy that captures momentum when price breaks out of an initial trading range established at the start of a session. This indicator automates the entire process - from detecting the opening range to plotting trade setups when breakouts occur.

🎯 Key Features
Multi-Session Support

Asia Session - Captures the Asian market open (default: 19:00-19:15 NY time)
London Session - Captures the London market open (default: 03:00-03:15 NY time)
New York Session - Captures the NY market open (default: 09:30-09:45 NY time)
Each session is fully customizable with independent time windows and colors
Enable/disable individual sessions based on your trading preferences

Automatic Trade Visualization

Entry Level - Marked at the breakout candle close
Stop Loss Zone - Configurable as ORB High/Low or Breakout Candle High/Low
Take Profit Zone - Calculated automatically based on your Risk:Reward ratio
Visual zones make it easy to see risk/reward at a glance

Smart Breakout Detection

Detects breakouts on the exact candle that closes beyond the ORB range
Supports direction changes - if price breaks one way then reverses, a new trade is signaled
Configurable max breakouts per session (1-4) to control trade frequency
Tracking hours setting limits how long after the ORB to look for entries

Futures Compatible

Special detection logic for futures markets where session times may fall during market close
Works reliably on instruments with non-standard trading hours


📊 How It Works

Opening Range Formation

At the start of each enabled session, the indicator tracks the high and low of the first candle(s)
This range becomes your ORB box (displayed in the session color)


Breakout Detection

When a candle closes above the ORB High → LONG signal
When a candle closes below the ORB Low → SHORT signal
The breakout candle is highlighted in yellow (customizable)


Trade Setup Visualization

Entry line drawn at the breakout candle's close price
Stop Loss placed at ORB Low (longs) or ORB High (shorts) - or breakout candle extreme
Take Profit calculated as: Entry + (Risk × R:R Ratio) for longs


Direction Changes

If you're in a LONG and price closes below the ORB Low, the indicator signals a SHORT
This counts as your 2nd breakout (configurable up to 4 per session)


💡 Trading Tips
Best Practices

Wait for candle close - The indicator only signals on confirmed closes beyond the ORB, reducing false breakouts
Use with trend - ORB breakouts work best when aligned with the higher timeframe trend
Respect the levels - The ORB High/Low often act as support/resistance throughout the session
Monitor multiple sessions - Sometimes the best setups come from Asia or London, not just NY

Recommended Settings by Style

Conservative: Max Breakouts = 1, R:R = 2.0+, SL Mode = ORB Level
Aggressive: Max Breakouts = 3-4, R:R = 1.5, SL Mode = Breakout Candle
Scalping: Shorter tracking hours (1-2), tighter R:R (1.0-1.5)

What to Avoid

Trading ORB breakouts during major news events (high volatility can cause whipsaws)
Taking every signal without considering market context
Using on timeframes higher than 1 hour (the ORB concept works best intraday)


🔔 Alerts
The indicator includes built-in alerts for:

Entry Signal - When a breakout is detected (LONG or SHORT)
Take Profit Hit - When price reaches the TP level
Stop Loss Hit - When price reaches the SL level

To set up alerts: Right-click on the chart → Add Alert → Select "ORB Session Breakout"

📝 Notes

This indicator is designed for intraday trading on timeframes up to 1 hour
Session times are based on the selected timezone (default: America/New_York)
The indicator works on all markets including Forex, Futures, Stocks, and Crypto
For futures with non-standard hours, the indicator includes special detection logic