ORB with Shorty Targets
The ORBS indicator study utilizes the theory of an Opening Range Breakout occurring on a security. The indicator uses data collected from the first thirty minute session of the trading day to create fibonacci retracements at specific positions. The 'session' high and low are derived from the first thirty minutes and used as a basis to plot these values. Fibonacci retracement lines are plotted at key positions above and below the high/low values pulled during the opening 'session'. These fibonacci retracement lines are plotted at: 0 (ORB high); 1.272; 1.618; 2.00; 2.175; 2.618; and 3.236. Levels in-between these values are known as 'ranges'. Upper lines are shown green in color and indicate key levels at which the price may react within the market. No guarantees are given nor implied - ORBs is simply a tool to help plot out key fibonacci levels at specific levels accurately and completely.
This will only work on 3min or 5mins and it is intended for intraday trading only.
ORH - opening range high
ORL - opening range low
OR50% - mid between ORH and ORL aka 50% fib
The way i use ORBS:
1. ORH break - i go long on 3min or 5 min close above ORH. I use heiken-ashi candles.
2. ORL breal - i will short on 3min or 5 min close below ORL
3. Double bottoms on reclaims of ORL - i will go long with SL being the ORL
4. Double tops on ORH considering market is weak i will short with SL being the ORH
Trendbar:
Trendbar use combo of CCI and ATR to help figure out the trend the stock is in. Stock moving below the trendbar indicates it is loosing the trend dependent on what time-frame you are using it.
Pivots:
Shorty Pivots are a collection of daily/weekly/ monthly pivots indicator that allows for plotting a daily, weekly, and monthly line on a chart. The values are pulled from the three separate resolutions (daily, weekly, and monthly), and shown on the chart each day. Calculations pulled from each respective high/low/close (divided by 3.0) for the session values.
Settings:
Show Daily/Weekly/Monthly Pivot - Shows/Hides each respective pivot .
Pivot Colors - Change the color of each pivot .
Pivot Width - Line width of the plotted pivot .
Line Style - Choose Solid, Dashed, or Dotted to view different styled lines.
Label Text Color - Choose the label text color if it clashes with your chosen line color(s).
Extend Pivot Lines to Right Offset: This allws you to extend each pivot line to the right by an offset of X bars.
Day Session Timeframe - Ignore this setting.
Pivot Adjustment Timeframe - Ignore this setting.
