NY ORB 1H with Dashboard [Plazo Sullivan Roche Capital]

14시간 전

Opening Range Breakout Indicator with Dashboards — User Manual

📖 What's in It for You?

This indicator is built for traders who thrive on precision and timely opportunities. By automatically charting the New York Open (9:30–10:30 AM EST) opening range, validating its significance, and illuminating the perfect moment to strike, this tool helps you:

• Identify high‑probability trades based on robust price action and volume conditions.
  
• Avoid weak setups through built‑in range and NR7 (Narrowest Range) filters that screen out low‑volatility days.
  
• Stay informed at a glance thanks to real‑time dashboards that track multi‑timeframe trends, price relative to the daily open, and RSI momentum.
  
• Protect your capital with automated stop placements and quick invalidation rules so you can step aside before a breakout goes sour.
  
• Whether you’re scalping on the one‑minute chart or swing trading a position, this indicator is designed to give you clear entry, exit and risk management signals — and keep your analysis streamlined.
  

🧠 Core Logic

• Define the Opening Range
  
• The tool monitors the market between 9:30 AM and 10:30 AM (New York time) and records the highest and lowest prices during this window. Most ICT traders endorse the 5m or 15m opening range but that is prone to noise and fakeouts. We have enjoyed higher profit factors from the 1 hour opening range - your entry is after 1030am NY.
  
• Optionally, you can fix the range after the first N bars (e.g., the first 5 or 15 minutes) to capture the initial burst of market activity.
  
• Validate the Range
  
• The range must be at least 0.20% of the session price (adjustable) to ensure it’s meaningful.
  
• The previous trading day must be an NR7 day — the narrowest daily range of the last seven sessions — signalling potential energy buildup.
  

Entry Conditions

• Long Breakouts: Price must close above the range high with above‑average volume and be above a trend filter (by default, a 50‑period moving average). After the breakout, wait for a retest of the range high; if the retest holds and a bullish signal appears, enter long.
  
• Short Breakouts: Mirror the long rules: price must close below the range low with high volume and be below the trend filter. Look for a retest of the range low and a bearish pattern to confirm entry.
  

Stop‑Loss & Fail‑safe Mechanisms

Your initial stop is automatically set 1–1.5× the range height (or a multiple of ATR) away from your entry point.

If price closes back inside the opening range after entry, the trade is instantly invalidated — protecting you from false breakouts and eliminating hope‑driven holding.

Take‑Profit Suggestions

Aim for 2–3× your risk on winning trades, or consider using daily/weekly pivots, session highs/lows or VWAP as targets.

You may also scale out partial profits at 1× risk to smooth your equity curve.

✨ Exciting Features
📊 Dashboard Suite

To make decision‑making effortless, the indicator includes three optional dashboards in the chart’s upper right corner. Each dashboard can be enabled or disabled via inputs.

1. Multi‑Timeframe Trend Dashboard

• Monitors the direction (bullish vs. bearish) of five timeframes: 15m, 1h, 90m, 4h and Daily. 90m is included as ICT traders have found critical FVGs and turning points on this frame.
  
• Uses your chosen moving average type (EMA or SMA) and length (20 by default).
  
• Colors the status green for bullish and red for bearish, giving you instant awareness of the larger backdrop.
  

2. Midnight Open Status Dashboard

• Shows whether the current price is above or below the day’s midnight open.
  
• Provides the actual midnight open price as a reference. Best to buy below midnight and sell above it.
  
• Helps you quickly gauge whether the market is trading with or against the daily bias.
  

3. RSI Momentum Dashboard

Displays RSI values for the Daily, 1‑Hour and current chart timeframe.

Color codes the numbers: red when RSI > 70 (overbought), green when RSI < 30 (oversold) and orange for neutral.

Adds a momentum filter so you can decide whether to favor continuations or reversals.

🛡️ Built‑In Failsafe

A breakout that fizzles can drain your capital — so this indicator forces you out if price steps back inside the opening range after you’ve entered. The concept is simple:

Breakout invalidation: If you’re long and price closes back below the range high, or short and it closes back above the range low, the trade is aborted. You exit immediately, no second guessing.

Stop placement: The script automatically marks suggested stop levels (1–1.5× the range height) on your chart, giving you a clear line in the sand.

This double‑layered defense (range invalidation plus stop) ensures that momentum trades remain high probability and that you don’t ride out false breakouts unnecessarily.

🚀 Getting Started

• Add the script to your chart on TradingView and configure the inputs:
  
• Select the number of bars for your opening range (5, 15, or leave the full hour).
  
• Adjust the minimum range percentage, volume multiplier, ATR length, MA type and length.
  
• Toggle the dashboards on/off as desired.
  
• Observe the opening range as it forms, then watch for breakout signals.
  
• Use the dashboards to confirm the broader trend and momentum, ensuring you only take trades that align with the bigger picture.
  
• Enter and manage trades with confidence, knowing that the fail‑safe will take you out if the market reverses into the opening range.
  

Feel free to iterate on the settings — what works best can vary by instrument and personal trading style. Use the dashboards to keep your analysis focused and your entries disciplined. Enjoy your new secret weapon in the market!

14시간 전

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