ORBO

 

HAPISTVOL
NinjaTrader 8

Opening Range Breakout Indicator

ORBO

  • Purpose: Displays the “Opening Range” for our trading vehicle, and then plots multiple price targets in both directions.
  • Description:
    • We use Multiple iterations of this Indicator.
    • Professional Market “purists” utilize the first 30 seconds of the trading day to establish their range and subsequent targets.
    • @Paxtrader777 on X offers a free version of this indicator in the NinjaTrader ecosystem. Get it.
    • I have reprogrammed this to give me more flexibility on the front end.
    • Additional indicators are used as a guide for timing and momentum. Avwap can also be seen in this version.
    • When we stack multiple iterations of our our own version of ORBO, success rate rises dramatically for the first 90 to 120 minutes of the day when all are aligned.
  • NinjaTrader Use:
    • Displayed as incremental target lines upon breaking the initial range in either direction.
    • Customizable parameters according to User’s preferred style. 
    • An  “OR, ORB, ORBO” is a trading strategy where a trade is entered when the price breaks decisively above the high or below the low of the initial trading period. The strategy uses the high and low of this “opening range” as reference points for potential entry and exit points
    • By changing the timing of the “Opening Range” in our version, we can effectively utilize this tool whenever we want. FOMC, 8:30 a.m news events, Globex overnight open, and even at the 3:50 mark it can be used for the EOD ORBO. Very versatile tool.
  • Practical Example:
    • On an ES chart, the Opening range is defined, and target levels are established.
    • A break of the red horizontal line suggests short side trades be taken. The yellow line (according to @Paxtrader777) is a payline, where partial profits are initially taken.
    • In this example, rotations continue short side.
      This should not be considered a stand-alone tool, as many other considerations need to be put into context.
    • Discretion can be used to factor in timing, risk/reward and other factors.

      Three Green Lights Strategy