After going through various ORB stratergy, I wrote this pine script. This gives exact risk and quantity in the right side panel. so, risk management is always taken care of.
When to use: wait for the first five minutes after the market opens.
Which stocks: use with Market gainers after the first five minutes based on the signal.
Risk/reward: ...
#Let the index/stock trade for the first fifteen minutes and then use the high and low of this "fifteen minute range" as support and resistance levels.
#A buy signal is given when price exceeds the high of the 15 minute range after an up gap.
#A sell signal is given when price moves below the low of the 15 minute range after a down gap.
#It's a simple technique...