ORB Advanced Cloud Indicator & FIB's by TenAMTrader

3 mag

Summary: ORB Advanced Cloud Indicator with Alerts and Fibonacci Retracement Targets by TenAMTrader

This TradingView script is an advanced version of the Opening Range Breakout (ORB) indicator, enhanced with visual clouds and Fibonacci retracement/extension levels. It is designed to help traders identify key price levels and track price movements relative to those levels throughout the trading day. The script includes alert functionalities to notify traders when price crosses key levels and when Fibonacci levels are reached, which can serve as potential entry and exit targets.

Key Features:

Primary and Secondary Range Calculation:
The indicator calculates the primary range (defined by a start and end time) and optionally, a secondary range.
The primary range includes the highest and lowest prices during the designated time period, as well as the midpoint of this range.
The secondary range (if enabled) tracks another price range during a second time period, with its own high, low, and midpoint.
Visual Clouds:
The script draws colored clouds between the high, midpoint, and low of the opening range.
The upper cloud spans between the Opening High and Midpoint, while the lower cloud spans between the Midpoint and Opening Low.
Similarly, a second set of clouds can be drawn for the secondary range (if enabled).
Fibonacci Levels:
The script calculates Fibonacci retracement and extension levels based on the primary range (the difference between the Opening High and Opening Low).
Fibonacci levels can be used as entry and exit targets in a trading strategy, as these levels often act as potential support/resistance zones.
Fibonacci levels include standard values like -0.236, -0.382, -0.618, and positive extensions like 1.236, 1.618, etc.
Customizable Alerts:
Alerts can be set to trigger when:
The price crosses above the Opening High.
The price crosses below the Opening Low.
The price crosses the Opening Midpoint.
These alerts can help traders act quickly on important price movements relative to the opening range.
Customization Options:
The indicator allows users to adjust the time settings for both the primary and secondary ranges.
Custom colors can be set for the lines, clouds, and Fibonacci levels.
The visibility of each line and cloud can be toggled on or off, giving users flexibility in how the chart is displayed.
Fibonacci Levels Overview:

The script includes several Fibonacci retracement and extension levels:

Negative Retracements (e.g., -0.236, -0.382, -0.50, -0.618, etc.) are plotted below the Opening Low, and can act as potential support levels in a downtrend.
Positive Extensions (e.g., 1.236, 1.382, 1.618, 2.0, etc.) are plotted above the Opening High, and can act as potential resistance levels in an uptrend.
Fib levels can be used as entry and exit targets to capitalize on price reversals or breakouts.
Safety Warning:

This script is for educational and informational purposes only and is not intended as financial advice. While it provides valuable technical information about price ranges and Fibonacci levels, trading always involves risk. Users are encouraged to:

Paper trade or use a demo account before applying this indicator with real capital.
Use proper risk management strategies, including stop-loss orders, to protect against unexpected market movements.
Understand that no trading strategy, indicator, or tool can guarantee profits, and losses can occur.
Important: The creator, TenAMTrader, and TradingView are not responsible for any financial losses resulting from the use of this script. Always trade responsibly, and ensure you fully understand the risks involved in any trading strategy.

11 mag

Note di rilascio

Advanced ORB Cloud & Fibonacci Levels by TenAMTrader

This indicator builds on the classic Opening Range Breakout (ORB) strategy with added clarity and visual precision. It highlights the high, low, and midpoint of a custom-defined opening range, and optionally fills the high-mid and low-mid zones with translucent clouds for quick reference.

Key features:

Custom Opening Range: Set your own start and end time.
Opening High, Low & Mid Lines: Visual reference levels from the defined range.
Cloud Zones: Easily visualize price behavior within the opening range.
Dynamic Fibonacci Levels: Plot common Fib extensions and retracements from the range, with user control to toggle:
Positive extensions (above the high)
Negative extensions (below the low)
Within-range levels for retracement insight
This tool is designed for intraday traders looking to identify key breakout and retracement zones with added visual clarity.


⚠️ Disclaimer:
This script is for educational and informational purposes only and does not constitute financial advice. Use it at your own risk. Always do your own research and consult with a qualified financial advisor before making trading decisions.