Opening Range Intraday Indicator

Opening Range Intraday Indicator
Summary

The Opening Range Intraday Indicator is a decision-support tool for intraday breakout entries. It combines an Opening Range Breakout (ORB) model with relative volume confirmation and a squeeze-style trend filter, then visualizes entries with clearly defined take-profit (TP) and stop-loss (SL) levels.

The indicator works on any ticker and any timeframe. However, its default parameters and internal logic are optimized for TSLA on the 15-minute chart, which is shown as a recommended context in the on-chart table for informational purposes only.
Core Logic

Opening Range Breakout
Establishes an opening range during the early session and monitors for confirmed breakouts above or below that range to generate potential intraday entries.

Relative Volume confirmation
Breakouts are validated using relative volume to help ensure participation and reduce low-quality signals during thin or inactive periods.

Squeeze / trend filter
A squeeze-style metric evaluates recent compression and directional behavior, helping to avoid entries during unfavorable or low-quality structural conditions.

Entry Visualization & Risk Levels

When a valid entry is confirmed, the indicator automatically:
Plots directional entry markers
Calculates and draws multiple take-profit levels
Draws a stop-loss level based on opening-range structure or ATR logic
Marks TP or SL hits directly on the chart for visual review


These visuals persist on the chart to allow traders to manually review trade structure and outcome over time.

On-Chart Table & Context Guidance

The indicator includes a compact on-chart table that displays:
Current squeeze value and short-term trend behavior
“No trade” conditions when structure is unfavorable
A recommended context message indicating whether the chart matches the optimized setup (TSLA on the 15-minute timeframe)


This message is informational only and does not restrict signals or functionality on other symbols or timeframes.

Flexibility & Controls

Users can customize:
Take-profit and stop-loss display behavior
Tight or standard stop-loss logic
Quiet windows near session close to suppress alerts
Visual settings and table positioning


This allows the indicator to be adapted to different instruments, volatility profiles, and execution styles.

Important Notes

This indicator does not execute trades and does not include automated backtesting or performance statistics.
TP/SL markers are visual aids only and are intended for manual review, not statistical validation.
Results will vary by symbol, timeframe, execution, and market conditions.
This indicator is intended as a research and decision-support tool for experienced intraday traders who understand execution risk, volatility, and position sizing. It should be used alongside proper risk management and independent analysis.