Description
Opening Range Breakout Indicator for Thinkorswim
**** NEW VERSION 2.3 2.5 2.51 INCLUDES BACKTEST SCRIPT, TRADE SIGNALS, TARGETS, LABELS, AND ALERTS! ****
This new Thinkscript study automatically plots the Opening Range breakout levels, sometimes called the Initial Balance, on your chart each morning in ThinkOrSwim. The Initial Balance levels are usually considered to be the high-low range of the first 30-60 minutes of the trading day, and by default this indicator comes set to 30. However, you can optionally change the Opening Range start and end times and shorten the Opening Range to any time period you want – 120 minutes, 60 minutes, 30 minutes, 15 minutes, 10 minutes, 5 minutes, etc.
This indicator will also optionally plot the midpoint (50%) and quarters (25% and 75%) between the Opening Range high and the Opening Range low. You can set it to show only today’s levels, or levels for every day you have loaded on your chart. This Thinkscript will optionally allow you to plot a cloud between the high and low of the forming initial balance, to highlight it on the chart more clearly and to signal that the range is still forming. All the plot colors including the cloud can be customized to whatever colors you want them to be.
Moreover the newly-updated opening range indicator will also plot targets above and below the range, at any custom multiple of the opening range size … for instance, 1.5x, 2.0x the range, etc. The update also includes optional up/down arrows to point out potential breakout and breakdown trading opportunities as the different levels are crossed during the day.
This indicator is useful for anyone who is interested in trading opening range breakouts (whether 5 minute, 15 minute, 30 minute, 60 minute, etc.). It’s also valuable for anyone who is interested in trading with a better awareness of the market profile’s initial balance highs and lows, which can represent important levels for the trading day.
NEW! This package now includes a custom scanner to find opening range breakouts that are happening right now! Find and trade setups immediately upon installation with this powerful time saving package. You can even set it to scan for setups X-number of bars ago, allowing multiple options for back-testing prior day setups!
Opening Range Breakout [Video]
Opening Range Breakout Indicator Screenshots
Questions?
We’re always happy to answer questions, and full email support is provided with every purchase! We’ll make sure you get up and running. If you have questions, email us here or leave a comment below!
