OPEN-SOURCE SCRIPT
Opening Range Breakout
This indicator tracks the high and low of a configurable opening window (default: the first 15 minutes of the US cash session) and draws those levels for the rest of the trading day.
How it works
During the opening window, the running high and low are recorded. Once the window closes, both levels are drawn until the end of the day. The first confirmed close above the range high (or below the range low) is marked as a breakout — one signal per direction per day — and matching alert conditions are included. The window highlight, markers and colors are configurable, and the session time is interpreted in a selectable timezone (exchange time by default), so daylight-saving shifts are handled automatically.
Notes and limitations
Works on intraday timeframes only. A close beyond the range is a description of what happened, not a prediction: opening-range breakouts fail regularly, and the tool intentionally does not attempt to filter "good" from "bad" breakouts. Combine it with your own analysis of context, volume and risk.
How it works
During the opening window, the running high and low are recorded. Once the window closes, both levels are drawn until the end of the day. The first confirmed close above the range high (or below the range low) is marked as a breakout — one signal per direction per day — and matching alert conditions are included. The window highlight, markers and colors are configurable, and the session time is interpreted in a selectable timezone (exchange time by default), so daylight-saving shifts are handled automatically.
Notes and limitations
Works on intraday timeframes only. A close beyond the range is a description of what happened, not a prediction: opening-range breakouts fail regularly, and the tool intentionally does not attempt to filter "good" from "bad" breakouts. Combine it with your own analysis of context, volume and risk.
Open-source script
In true PulseWire spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by PulseWire. Read more in the Terms of Use.
Open-source script
In true PulseWire spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by PulseWire. Read more in the Terms of Use.