Initial Balance & Opening Range Breakout / ORB Levels Indicator with Scanner

$69.99

This new Thinkscript study automatically plots the Opening Range breakout levels, sometimes called the Initial Balance levels, on your chart each morning in ThinkOrSwim. The Initial Balance levels are usually considered to be the first hour’s high and low, and by default that’s what this indicator comes set with. This package lets you scan for and analyze opening range breakouts on any timeframe.

Description

This new Thinkscript study automatically plots the Opening Range levels, sometimes called the Initial Balance, on your chart each morning in ThinkOrSwim. The Initial Balance levels are usually considered to be the first 60 minutes high and low, and by default that’s what this indicator comes set with. However, you can optionally change the Opening Range start and end times and shorten the Opening Range to 30 minutes, 15 minutes, 10 minutes, 5 minutes, etc.

This indicator will also optionally plot the midpoint 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 to highlight the range on the chart more clearly, and all the plot colors including the cloud can be customized to whatever colors you want them to be.

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.

Initial balance and opening range thinkscript study for Thinkorswim
Initial balance and Opening Range ThinkScript study for Thinkorswim

 

thinkorswim opening range breakout scanner
Thinkorswim opening range breakout indicator & scanner package … example of a breakout happening now

 

thinkorswim opening range breakout scanner 1
Thinkorswim opening range breakout Stock Hacker scanner setup

 

thinkorswim opening range breakout 3
Thinkorswim opening range breakout – example of sidebar dynamically-updating watchlist with Opening Range Breakouts happening now

 

thinkorswim opening range breakout 2
Example of another opening range breakout from the scanner

 

initial balance opening range breakout indicator settings
initial balance opening range breakout indicator settings

 

initial balance opening range breakout example screenshot
initial balance opening range breakout example screenshot

 

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!

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