Indicators: Open Range BreakOut Indicator for MetaTrader 5
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Open Range BreakOut Indicator for MetaTrader 5:
The Open Range Breakout (ORB) indicator is a powerful technical analysis tool that identifies and tracks price breakouts from the opening range of trading sessions. This indicator is based on the concept that the high and low prices established during the first minutes of a trading session often serve as significant support and resistance levels throughout the remainder of the day. The indicator automatically calculates the opening range based on user-defined time periods, plots multiple price targets, and provides visual and audio alerts for potential trading opportunities. It is designed to help traders identify high-probability breakout trades and retest scenarios.
Author: Hieronymos Junior Starch