OPEN-SOURCE SCRIPT

DR/IDR, fractals, break + EMA Clouds + VWAP

87
This indicator is a powerful, multi-layered trading tool that combines three distinct forms of market analysis—volume, trend, and opening volatility—onto a single chart.

1. Opening Range Breakout (ORB) System
This is the foundation of the indicator, designed to capture the initial volatility and set key price boundaries for the trading day.

Time Focus: The indicator's primary analysis is centered on a specific, user-defined time period (default is 9:30 AM to 10:30 AM New York Time). Nothing related to the ORB drawing will appear on the chart before this session starts.

Wick High/Low (The Trigger): These lines track the absolute highest and lowest prices reached during the time window. They define the full extent of the initial range and are used to determine when a genuine breakout occurs.

Body High/Low (The Range & Targets): These lines track the highest and lowest open/close prices of the candles within the session. This area forms the central, shaded zone, representing the core consolidation area.

Range Shading: The background between the Body High and Body Low is shaded, but this visual feature only appears during the active forming time window (e.g., 9:30 AM to 10:30 AM) to maintain chart clarity.

Fractals: While the range is forming, the indicator detects 5-bar Williams Fractal patterns that occur inside the range. These small triangles (▲ or ▼) highlight minor reversal points established by the early trading action.

Breakout Signal: After the user-defined time window closes, the indicator waits. If a subsequent candle's price moves above the Wick High or below the Wick Low, a "BREAK" label is displayed on that candle. It is programmed to label only the first decisive break in each direction per day.

Extension Targets: When a breakout occurs, target lines are automatically projected above the Body High (for a bullish break) or below the Body Low (for a bearish break). The distance between these targets is calculated based on a user-defined fraction (e.g., 0.5 steps) of the total height of the Body Range.

Line Cutoff: For tidiness, you can set a "Stop Time" (e.g., 4:00 PM) after which the ORB lines will automatically disappear.

2. EMA Clouds (Trend and Momentum)
Four distinct Exponential Moving Average (EMA) clouds are plotted to provide a dynamic, multi-speed view of the market's trend and momentum.

Structure: Each "Cloud" is the shaded area between two EMAs (one shorter length and one longer length). The indicator includes four customizable pairs (defaulting to common settings like 8/9, 8/14, 34/50, and 14/21).

Trend Coloring: The clouds are color-coded:

Bullish (Greenish): The shorter EMA is trading above the longer EMA, signaling upward momentum.

Bearish (Reddish): The shorter EMA is trading below the longer EMA, signaling downward momentum.

Application: These clouds are used to confirm the overall market direction or identify potential zones of support and resistance.

3. Volume-Weighted Average Price (VWAP)
The VWAP is a crucial anchor for measuring the market's efficiency throughout the trading day.

Function: It calculates the average price of the asset, giving more weight to prices where higher volume was traded.

Context: It helps traders quickly determine if the current price is trading at a premium (above VWAP) or a discount (below VWAP) relative to the day's volume.

Reset: The VWAP line automatically resets at the beginning of each trading day.

Customization: The VWAP line can be toggled on or off, and its color and width are fully adjustable.

คำจำกัดสิทธิ์ความรับผิดชอบ

ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมใน ข้อกำหนดการใช้งาน