Description
Title: ORB Levels PRO – Advanced Opening Range Breakout Tool
Headline: Master the Market Open with Precision. Automate your Europe & US Opening Ranges.
Overview:
The ORB Levels PRO is a professional-grade cTrader indicator designed for traders who rely on Opening Range Breakout (ORB) strategies. Volatility is highest during the market open, and this tool automatically visualizes the critical support and resistance levels defined by the initial market moves. Unlike standard indicators, ORB Levels PRO calculates strictly based on M5 data for maximum precision, regardless of your current chart timeframe.
Key Features:
- Dual Session Tracking: Automatically draws levels for both European (London) and USA (New York) sessions.
- Smart Calculation Modes (Unique Feature):
- High/Low (Wicks): Traditional mode using the absolute highest and lowest prices including wicks.
- Body Only (No Wicks): A "noise reduction" mode that calculates ranges based on Open/Close prices only, helping you avoid fakeouts caused by volatility spikes.
- M5 Precision: The indicator effectively aggregates M5 candles (default 15-minute duration) to ensure levels are accurate down to the pip.
- Visual Extensions: Distinct visual styles for the active range (Solid lines) and the future projection (Dotted lines) to keep your chart clean.
- Historical Analysis: Configurable Days Back parameter allows you to visually backtest the strategy over previous days.
- Fully Customizable: Control timezones (Hour Shift), Hex colors, opacity, and line thickness to match your chart theme.
Parameters:
- Calc Mode: Choose between HighLow_WithWicks (Aggressive) or BodyOnly_NoWicks (Conservative).
- Hour Shift: Adjust the server time offset to match your local time.
- Session Times: Set your custom start times for EU and US sessions.
- Appearance: Customize line lengths, dotted extensions, and transparency.
Why use ORB Levels PRO?
Trading the open requires speed. Stop drawing lines manually and eliminate human error. Let ORB Levels PRO handle the levels so you can focus on the price action and execution.
Why do I often use double no-wick scope and 3 x M5 and not M15 or M30? Because that's what I found in my bot tests (IMO).
