Can you please add an “Opening Range Breakout with Extensions” overlay to easily identify the opening range on @Zerodha Kite charting platforms? Or you may suggest any tools available that fulfil the task. Regards.
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You can use Streak Scanner to easily identify stocks for Opening Range Breakout. You can check all the Scanners here.
I am more interested in chart based approach. Is there any solution available from that perspective?
You will find a number of community scripts in TradingView. Click the “Indicators” tab and type ORB.
The Open Range refers to the price range between the high and low of the first candle at the market opening. The time frame for Open Range can be of 5 minutes, 15 minutes, 30 minutes, and 1 hour etc.
Opening Range Breakout occurs when the price moves either above opening range high or below opening range low
Day traders often consider open range strategies to be the most suitable for their trading style.
Benefits
• Clearly defined time period
• Precisely established support & resistance levels without any uncertainties
• Assists in determining overnight market sentiments
• Positive risk/reward ratio
• Clearly identifiable stop loss
I use ORB Indicator For Intraday.