Litt Opening Range Breakout

11 ene 2022

The Litt ORB, Opening Range Breakout, is a tool used by many intraday traders to take advantage of short-term momentum. This script plots extensions based on the opening range and then color candles depending on where the closing price of that candle is. The opening range is defined by either the first 30 or 60 minutes of a new trading day. During that time the opening ranges are set. If the opening range time has passed and we start to break above the Opening Range High that is a good indication that a Trend Day to the upside could be forming. When a stock takes out the range high from the first 30 or 60 minutes this is called an Opening Range Breakout.

OR = Opening Range
ORH = Opening Range High
ORL = Opening Range Low
ORM = Opening Range Mid (Half-way between ORH and ORL)

You can see the ORH and ORL (Opening Range) lines on the chart. The other lines are extension lines from the Opening Range. These are used as price targets for the end of Opening Range breakouts.

The candles are colored as follows.
If we are above the ORH then we use Bull Color 1.
If we are below the ORL then we use Bull Color 2.
If we are above the ORM, Opening Range Mid or the halfway point between the ORH and the ORL, we color Bull Color 2.
If we are below the ORM then we color Bear Color 2.
If the current time is still within the Opening Range then we color the Opening Range Color.

OR = Opening Range
ORH = Opening Range High
ORL = Opening Range Low
ORM = Opening Range Mid (Half-way between ORH and ORL)

11 ene 2022

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