eORB - Day Edition

The eORB – Day Edition (Enhanced Opening Range Breakout) is a powerful intraday trading indicator designed for Algo Trading, Scalpers, Day Traders, and ORB-based strategies. It combines classic ORB logic with advanced filters, multiple exit strategies, and smart risk management tools. The default setup is optimised for a 3-minute ETHUSD chart.

Key Features:-
# Opening Range Breakout (ORB)
- Defines intraday high/low for the first X minutes.
- Automatically updates breakout levels.
- Optional buffer (%) for precision entries.

# Day & Session Filters
- Enable/disable trading on specific weekdays.
- Flexible session time configuration.

# EMA Crossover
- Option to trade based on EMA crossover with ORB levels.

# Breakout Candle Logic
- Detects breakout candle high/low for secondary confirmation.

# RSI Filter
- Confirms signals using RSI thresholds (customisable).

# Exit Strategies
- ORB High/Low Exit
- Buffer Exit
- Trailing Stop Loss (TSL) with activation, lock, and increments
- Target & Stoploss (fixed points)
- Universal Exit (UTC time-based) with background highlight

# Trade Sync Logic
- Prevents consecutive Buy → Buy or Sell → Sell without the opposite signal in between.

# Alerts Ready
- Buy, Sell, and Exit conditions are available for alerts.
- Compatible with TradingView alert system (popup, email, SMS, webhook).

How to Use:-
1. Add indicator to the chart.
2. Set ORB Time & Session (e.g., 3 min ORB at market open).
3. Enable/disable filters (EMA, RSI, Breakout candle).
4. Configure exits (TSL, Target, Stoploss, Universal Exit).
5. Add alerts for automation or notifications.
- This indicator is ideal for Crypto, Nifty, BankNifty, Index Futures, and Stocks, but it can be applied to any asset.
- The default settings are optimised for ETHUSD.

How it Works – eORB Day Edition:-
Step 1 – Define the Range
- At market open, the indicator records the Opening Range High & Low for the first X minutes (configurable by the user).
- This creates a price boundary (box) that acts as support and resistance for the rest of the session.
- Optional buffers can be added to make signals more reliable.

Step 2 – Generate the Signal
- When price (or EMA, if enabled) crosses above the Opening Range High, a Buy signal is generated.
- When price (or EMA) crosses below the Opening Range Low, a Sell signal is generated.
- Extra filters like RSI and Breakout Candle confirmation can be turned on to reduce false breakouts.
- Built-in sync logic ensures signals alternate properly (no double Buy or double Sell without the opposite in between).

Step 3 – Manage the Exit
- Trades can exit using multiple methods:
- Target (fixed profit in points)
- Stoploss (fixed risk in points)
- Trailing Stop-loss (TSL) that locks profit and trails as price moves further in your favour
- ORB/Buffer exit when price re-enters the range
- Universal Exit at a fixed UTC time to close all positions for the day
- Exits are visualised on the chart with shapes, labels, and optional background highlights.

In simple terms:-
Step 1: DEFINE
- Opening Range (first X minutes) → Marks High & Low → Creates breakout zone

Step 2: SIGNAL
- Price / EMA crosses High (+ Buffer) → BUY
- Price / EMA crosses Low (- Buffer) → SELL
- + Optional filters: RSI, Breakout Candle

Step 3: EXIT
- Target | Stoploss | Trailing Stoploss | Universal Exit

Important Note on Alert Setup
- When using the RSI filter, signals may fluctuate in some edge cases where RSI hovers near the Buy or Sell level.
- To avoid this, it is recommended to use “Once Per Bar Close” as the alert trigger, since signals confirm only after the bar closes (especially helpful when Breakout Candle High/Low Crossover is enabled).
- If you choose not to use RSI, you can safely use “Once Per Bar” alerts, even when the Breakout Candle High/Low Crossover option is enabled.

Disclaimer:-
- This tool is for educational and research purposes only.
- It does not guarantee profits. Always backtest and use proper risk management before live trading. The author is not responsible for financial losses.

Developer: ikunalsingh
Built using AI + the best of human logic.