Name: ORB Indicator with Adjustable Buffer, Moving Averages, and Center Line
Overview: This indicator is designed for intraday traders using the Opening Range Breakout (ORB) strategy. It calculates the high and low levels during a specific session (e.g., the first 5 minutes of the trading day) and applies adjustable buffers to these levels. Additionally, it includes a center line between the buffered high and low levels, as well as multiple moving averages for further trend analysis.
Features: Opening Range Breakout (ORB) Levels:
High and Low: Identified during the configured session time (default: 9:15 AM to 9:20 AM). Buffered Levels: Calculated dynamically using the range between ORB high and ORB low. A new percentage buffer is computed as half of the percentage change from the low to the high. Buffered levels: Upside Buffer and Downside Buffer. Center Line:
A visual midpoint between the Upside Buffer and Downside Buffer. Displayed in light blue with 50% opacity and a thin line style. Helps traders visualize the equilibrium point. Crossover and Crossunder Signals:
Buy Signal (B): When the price crosses above the Upside Buffer. Sell Signal (S): When the price crosses below the Downside Buffer. Configurable for either close price or touch-based detection. Moving Averages:
Includes Exponential Moving Averages (EMA) and Simple Moving Averages (SMA). Configurable lengths for short-term, medium-term, and long-term trends. Can be hidden or displayed as per user preference. Customization Options: ORB Session Time: Configurable to define the range for ORB calculation (default: 9:15 AM to 9:20 AM). Signal Detection: Option to use Close or Touch for signal generation. Moving Average Lengths: Adjustable for EMA (7, 14, 26) and SMA (50, 100, 200, 1000). Buffer Calculation: Automatically calculates the buffer levels based on the ORB range. Visual Elements: Buffered Levels: Green: Upside Buffer. Red: Downside Buffer. Center Line: Light blue, 50% opacity. Signals: Buy: Green label below the bar. Sell: Red label above the bar. Moving Averages: Color-coded and customizable for trend visualization. Use Case: This indicator is ideal for:
Breakout Trading: Identifying potential breakouts using buffered ORB levels. Reversal Trading: Spotting price rejections near the ORB levels. Trend Analysis: Leveraging moving averages to confirm or invalidate breakout signals.
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