Have your defined Opening Range automatically plotted with targets and stoploss levels.
The ORB Wrangler is an indicator that plots the Opening Range as well as breakout targets for you automatically.
In TradingView & NinjaTrader, you define the start time for your Opening Range and let the indicator know how long (in minutes) will define your Opening Range. It can be set to 5 minutes, 15 minutes, 30 minutes, your choice.
BullBarbie created the ORB Wrangler to automatically plot ORB levels to make trading the New York opening range more simple during the morning rush. Additionally, she uses it for simple backtesting and visualizing the trade for exploring new ideas in improving the trade.
See videos below for detailed information.
In this example, the range starts at 08:30am (New York Open in Central Time) and watches for a 30 minute opening range. This means that the range will be the high and low of the first 30 minutes of market open. We often use a 15 minute opening range, while some traders prefer a 5-minute or even smaller.
Hay Time is the time (in minutes) for the indicator to print lines. After the duration is complete, the indicator “hits the hay”. If you are only watching for the first 2 hours, you can put 120 minutes here. This is helpful to signal when your rules say to stop watching for this trade.
Both platforms will show a dotted line for the forming range and solid lines for the completed range, as well as a yellow signal when a candle has closed over or under the range (useful for candle-close strategies, put it on your favorite timeframe).
Target Lines will automatically print at .5x, 1x and 1.5x the Opening Range.
