Multi-Period Opening Range [ORB]

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Multi-Period Opening Range Indicator

A comprehensive Opening Range (OR) tool for traders who want to track multiple timeframe ORs simultaneously with complete visual customization.

📊 WHAT IS OPENING RANGE?

The Opening Range is the high and low price established during a specific period at the start of a trading session. Professional traders use these levels as critical support/resistance zones throughout the day.

✨ KEY FEATURES

Five Customizable OR Periods:

• 5-Minute OR: 9:30-9:35 AM EST (Quick scalping reference)
  
• 15-Minute OR: 9:30-9:45 AM EST (Standard OR period)
  
• 30-Minute OR: 9:30-10:00 AM EST (Extended morning range)
  
• 1-Hour OR: 9:30-10:30 AM EST (Full morning session)
  
• Overnight OR: 6:00-7:00 PM EST (After-hours reference)
  

Complete Visual Customization:

• Individual Toggle Controls: Turn each OR period on/off independently
  
• Custom Colors: Set unique colors for each timeframe's lines and fills
  
• Adjustable Line Thickness: Choose from 1-5 pixel width
  
• Label Styles: "5Min OR-High" or simple "OR-High" format
  
• Label Background Options: Choose colored backgrounds or clean text-only labels
  
• Label Sizes: Tiny, Small, Normal, or Large text
  

Smart Display Options:

• OR-High, OR-Mid, OR-Low: Each level clearly labeled with price tooltips
  
• Midpoint Toggle: Show/hide dashed midpoint line
  
• Fill Toggle: Enable/disable shaded area between levels
  
• Historical Ranges: Show/hide previous session ORs
  
• Line Extension: Set projection distance (0-1440 minutes, default 5 min)
  
• Color-Coded Labels: Semi-transparent backgrounds match each OR theme (optional)
  

🎨 DEFAULT COLOR SCHEME

Active by Default:

• 5-Min OR: Red lines (no fill)
  
• 1-Hour OR: Sky blue lines (no fill)
  
• Overnight OR: Brown lines with shaded fill
  

Disabled by Default:

• 15-Min OR (Purple) - enable when needed
  
• 30-Min OR (Orange) - enable when needed
  

📈 HOW TO USE

Setup:

• Add to any intraday timeframe (1min, 5min recommended)
  
• Enable your preferred OR periods
  
• Customize colors for visual distinction
  
• Set line extension (default 5 minutes)
  

Trading Applications:

• Breakout Trading: Enter when price breaks OR-High/Low
  
• Range Trading: Trade between levels during consolidation
  
• Support/Resistance: Use multiple ORs as confluence zones
  
• Risk Management: Set stops beyond OR levels
  
• Session Analysis: Compare OR widths to gauge volatility
  

Advanced Techniques:

• Watch for false breakouts returning inside range
  
• Combine with volume for confirmation
  
• Use overnight OR for pre-market sentiment
  
• Layer multiple ORs for high-probability zones
  

⚙️ CUSTOMIZATION OPTIONS

Display Settings:

• Show/hide historical ranges, midpoint lines, and fills
  
• Line thickness: 1-5 pixels (default: 1)
  
• Label size: Tiny to Large
  
• Label style: With period prefix or generic
  
• Label background: With background or no background
  
• Extend lines: 0-1440 minutes (default: 5)
  

Per-Period Controls:

Each OR has independent settings for enable/disable, line color, fill color, and transparency.

💡 PRO TIPS

• Start with 5-min and 1-hour ORs only
  
• Use distinct colors for each timeframe
  
• Keep historical ranges OFF for cleaner charts
  
• Adjust extension: 5-10 min for active trading, 60+ for planning
  
• Combine OR breakouts with volume spikes
  
• Use overnight OR to understand after-hours action
  
• Wait for clean breakouts with volume confirmation
  

🔧 TECHNICAL SPECS

• Timezone: America/New_York (EST/EDT)
  
• Compatible Timeframes: Any intraday under 1 day
  
• Optimal Timeframes: 1-minute, 5-minute charts
  
• Real-Time Updates: Dynamic line extension with new bars
  

📌 BEST PRACTICES

• Use on liquid instruments (ES, NQ, SPY, QQQ)
  
• Wait for volume-confirmed breakouts
  
• Place stops beyond OR levels you're trading
  
• Size positions based on OR width
  
• Respect 1-hour OR as major support/resistance
  

🎯 IDEAL FOR

Day traders, scalpers, futures traders (ES/NQ/YM), equity traders (SPY/QQQ), and anyone using Opening Range methodology in their trading strategy.

Note: For educational purposes. Practice proper risk management and combine with your complete trading strategy.

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