Custom ORBIT GSK-VIZAG-AP-INDIA

🚀 Custom ORBIT — Opening Range Breakout & Reversal Indicator
This indicator automatically calculates and plots the Opening Range (OR) high and low levels for a user-defined session and duration. It is designed to assist intraday traders by providing immediate visual signals for both price breakouts and subsequent reversals from these key levels.

The indicator is particularly suitable for markets with defined trading hours, such as the Indian indices (Nifty, Bank Nifty), given its default time settings are based on GMT+5:30.

⚙️ How It Works (Indicator Logic)
The indicator operates based on three main logical components: time definition, level calculation, and signal generation.

1. Time Session and Range Definition: All time calculations are based on GMT+5:30 (Indian Standard Time/IST). The script defines a specific trading session from a customizable start time (default 9:15 AM) to a session end time (default 3:30 PM). The Opening Range (OR) is established during the initial duration, which is set by the rangeMinutes input (default 15 minutes, meaning the OR is calculated from 9:15 AM to 9:30 AM).

2. Level Calculation and Plotting: During the initial range duration, the script captures the absolute highest price (OR High) and the absolute lowest price (OR Low). Once this period ends, two horizontal lines—a green line for the OR High and a red line for the OR Low—are drawn and automatically extended across the chart for the remainder of the active trading session. The visual style of these lines can be customized to Dotted, Dashed, or Solid.

3. Breakout and Reversal Logic: The indicator actively tracks the market's state relative to the OR levels to generate four distinct signals:

Break Up: A signal is generated when the closing price crosses over the OR High, indicating potential upward momentum.

Break Down: A signal is generated when the closing price crosses under the OR Low, indicating potential downward momentum.

Reversal Down: This yellow signal occurs only after a price has already broken above the OR High (Break Up state), and then the price moves back into the range (closing below the ORH), suggesting a failed breakout.

Reversal Up: This yellow signal occurs only after a price has already broken below the OR Low (Break Down state), and then the price moves back into the range (closing above the ORL), suggesting a failed breakdown.

💡 Suggested Use Cases
The signals generated by this indicator can be used in two primary ways:

Breakout Trading: A trader may enter a long position on a "Break Up" signal or a short position on a "Break Down" signal. A common risk management practice is to use the opposite OR level (ORL for long trades, ORH for short trades) as a stop-loss reference.

Faded Breakout / Reversal Trading: Look for the yellow "Reversal Up" or "Reversal Down" signals. These signals indicate a rejection of the OR level, and a trader may take a counter-trend position with the expectation that the price will return to the consolidation range or move toward the opposite OR level.

⚠️ Educational Disclaimer
This indicator is for educational and illustrative purposes only. It provides technical signals based on mathematical calculation of price action and should not be construed as financial advice, trading advice, or a solicitation to buy or sell any financial instrument. Trading carries a high level of risk, and you may lose more than your initial deposit. Past performance is not indicative of future results. Always consult with a qualified financial professional before making any investment decisions.