The SplashAlgo - Intrablast Indicator is a custom-built tool designed to identify and visualize key price levels based on the Opening Range Breakout (ORB) strategy. This strategy leverages the price movement during a defined range of time—typically the first hour after the market opens—to predict potential breakout points.
Key Features
Time Zone and Session Configuration:
- The indicator supports the UTC+5:30 time zone, ideal for markets that open at 08:00-09:00 in that timezone.
- It provides flexibility by allowing users to customize the Opening Range time, such as the default 09:15-10:15 session.
Visual Customization:
- Users can toggle various visual elements such as:
- Upper and Lower Lines: These lines represent the high and low of the defined opening range.
- Middle Line: A dashed line that marks the midpoint of the opening range.
- Background Shading: Adds a shaded background for easier identification of the opening range zone.
- Projections: While projections are currently disabled, the code includes an option for visualizing future expected movements based on the opening range.
- Users can toggle various visual elements such as:
Graphical Elements:
- The lines and boxes are customizable:
- The line width is set to 1 for clarity.
- The box and background color is adjustable to fit the user's visual preferences, with a semi-transparent black background.
- Line styles include solid lines for the range and dashed lines for the middle point.
- The lines and boxes are customizable:
User Inputs:
- Enable Opening Range Breakout (ORB): A boolean input that allows the user to toggle the visibility of the ORB levels.
- Show Lines and Background: Separate toggle options for showing upper/lower lines and background shading.
- Projection Options: Currently set to false, but users can modify the number of projected levels if desired.
Technical Details
The script allows for significant flexibility in its configuration and is designed to give traders an immediate sense of the price action's potential direction right after the market opens.
- Input Fields: Includes a range of boolean inputs to toggle the visibility of different elements and a time session input to define the range of interest.
- Visuals: Adjustments are made to the colors, line thickness, and opacity to ensure that the indicator fits different trading styles.
- Free download
Conclusion
The SplashAlgo - Intrablast Indicator is a versatile and highly customizable tool for traders who focus on the Opening Range Breakout strategy. By visualizing critical price levels early in the market session, it helps traders spot potential breakout opportunities efficiently. With its ability to adjust visual elements and session times, this indicator is tailored to provide key insights that can enhance decision-making during critical market moments.