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ORB Indicator + Strategy. Too good to be true?
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ORB Indicator + Strategy. Too good to be true?

  #1 (permalink)
Trading Apprentice
Los Angeles, United States
 
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Posts: 16 since Dec 2018
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ORB Indicator + Strategy. Too good to be true?

Just found this indicator along with some notes on how to use it. https://usethinkscript.com/d/16-opening-range-breakout-indicator-for-thinkorswim

Have anyone heard of it before and what are some of the catch from this indicator. I was worried that what if the market reverse on you?

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  #2 (permalink)
Elite Member
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Have you been using this with success?


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  #3 (permalink)
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cshrum View Post
Have you been using this with success?


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I have lol. Surprisingly im using it as my main indicator now.

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  #4 (permalink)
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So your just shorting when the indicatoelr and supertrend agree?

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  #5 (permalink)
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cshrum View Post
So your just shorting when the indicatoelr and supertrend agree?

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That's what im currently doing.

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  #6 (permalink)
Mark Paul
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It works for some...

As long as you adhere to the strategy, you should be ok. People in Thinkscript chat talk about it almost every day.

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  #7 (permalink)
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Mark Paul View Post
As long as you adhere to the strategy, you should be ok. People in Thinkscript chat talk about it almost every day.

What setting is used for the supertrend?

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  #8 (permalink)
Mark Paul
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Clarification


Mark Paul View Post
As long as you adhere to the strategy, you should be ok. People in Thinkscript chat talk about it almost every day.

I don't use the ORB or the Supertrend. That said, there is discussion about it's use by a number of people in the Thinkscript Lounge on TOS. That would be another place to ask specific questions other than the link at this page's top.

Here are the rules from a Lounge Snippet; Be careful if you don't know for sure what your doing with this, or, even if you do!

=========== Trading rules ===========
RayK: Mobius - Re: ORB rules - Thanks for posting. You said "just follow the rules" - Are the rules for using it obvious?
16:32 StanL™?: RayK I would expect that its the conditions defined in the AddOrder labels but I prefer for mobius to answer your question.
16:33 StanL™?: Corrections Omit The word 'labels'
16:50 Mobius©: Ray the rules are simple.
The yellow line is the first period mean.
At the end of the OR period, usually one hour, if price is above that mean line it will close above that mean line 70% of the time or better.
The opposite holds true if price is below that mean at the end of the OR period.
If price breaks out of the extreme high or low if the Opening Range Period the trade is in the direction of the breakout for 1.5 to two Average True Ranges set at the length of periods that incorporate the Opening Range plus the active period (approx. 30 min to one hour prior to the cash open). Using a 15 min chart I set the ATR periods to 5 and rarely change it. The ATR target projections are plotted when price breaks out.
16:53 Mobius©: A typical trade is two ES contracts bought at the open of the first bar that breaks out. Sell one contract at the touch of the ATR target. sell the other at a close below the previous bar as a stop or if there is a continuation at the next target another 1.5 ATR out from the first
16:54 Mobius©: There are far more time that price will just touch the first ATR target than there are a further breakout. So I sell the second contract fairly quickly on a retrace
16:55 Mobius©: When I say fairly quickly, if price retraces to the bottom of the prior bar to the touch of the first ATR target I'm out period.
16:57 Mobius©: I never ever trade twice on the same move, no matter how far price extends.
Mobius©: I never trade against the direction of the opening range either. If I miss the move then I missed it and don't bother trying anything fancy
16:58 Mobius©: It's simple and very effective, if you follow the rules and don't get creative.
16:59 Mobius©: If your not bored, your over trading...

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  #9 (permalink)
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Many lines / points

There seems to be a LOT of lines / plots / bubbles. is there a writeup on what each means?

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  #10 (permalink)
Mark Paul
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patfaninba View Post
There seems to be a LOT of lines / plots / bubbles. is there a writeup on what each means?

Check the ThinkScript Manual which can be accessed though the Help Menu in TOS. Then go to the ThinkScript Lounge Chat room and ask for directions to access "JQ's OneNote". Lastly, have you had the complimentary tour from TOS? If not, call them to schedule.
I don't do the ORB, so I can't help.

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