Session-Based Custom ORB Indicator (NSE / US)

📌 Session-Based Custom ORB Indicator (NSE / US)

This indicator is a flexible version of the popular Opening Range Breakout (ORB) strategy.

It allows you to define any custom time window during the trading session and automatically:

Captures the highest high and lowest low within that time window

Draws horizontal breakout levels (like ORB lines)

Plots the midpoint of the range

Generates a signal only on the first breakout per side

Resets automatically at the next session open

🔎 What Is an Opening Range?

The “opening range” is the price range formed during a specific time window after market open (for example, 9:15–9:30 in NSE or 9:30–9:45 in US markets).

Traders watch this range because:

A breakout above the range high can indicate bullish strength

A breakdown below the range low can indicate bearish weakness

⚙️ How This Indicator Works

1️⃣ Session Selection

You can choose between:

NSE session (9:15–15:30)

US session (9:30–16:00)

The indicator automatically adapts to the selected market timing.

2️⃣ Custom Time Window

You define:

Range Start Hour & Minute

Range End Hour & Minute

During this window:

The script continuously updates the highest high

The script continuously updates the lowest low

3️⃣ Range Locking

Once the selected time window ends:

The range becomes “locked”

Three levels are plotted:

🔹 Range High (Green)

🔹 Range Low (Red)

🔵 Midpoint (Blue)

These lines remain visible only during the active session.

4️⃣ Breakout Signals

The indicator generates:

▲ Green triangle when price breaks above the range high

▼ Red triangle when price breaks below the range low

Important:

Only the first breakout per direction is marked.

This avoids repeated signals and keeps charts clean.

🎯 Why This Version Is Useful

✔ Works on intraday charts

✔ Session-aware (no overnight plotting)

✔ Fully automatic reset every day

✔ Clean and non-repainting logic

✔ Customizable for different markets

👤 Who Can Use This?

Beginners learning ORB concepts

Intraday traders

Scalpers

Traders who want custom range breakouts (not just first 15 minutes)

💡 Pro Tip for New Traders

Opening range breakouts work best when:

Volume confirms the breakout

Overall market trend supports the direction

Risk management is clearly defined

Always test on paper or small size before using real capital.