Toby Crabel would have loved this one!
First, what is a breakout? A breakout is a trading pattern that occurs at a previously established point of support or resistance for a trading instrument. Essentially these lines have become the battle lines for bears and bulls and the more they attack it (more volume that is traded at or around these levels) the more the pressure builds at these prices. When the price pushes past the battle line, there is usually an explosive movement in the direction of the break that builds more and more momentum as it pushes away from the line. That is your breakout trade.
Opening range breakout is among the most critical indicators of daily market direction that a trader can employ. An opening range breakout is a trade taken at a designated point below or above the opening range. When the defined point is computed, a buy stop is placed that amount above the high of the opening range and a sell stop is placed the same quantity below the low of the opening range.
The Hi-Lo of Time Opening Range Breakout (ORB) with Pivot Levels is one best Support and Resistance indicators for day trading. It will do the following:
- Automatically gathers the High and the Low of a user-specified intra-day time range.
- Calculates the standard Pivot Levels from that range (PP, R1, R2, R3, S1, S2, S3)
- Draws a price label on the chart when price breaks out above/below the established range
- Plays audible alert when price moves outside of the established range
- User can select the color of the text label, the font, the audio alert file, etc.
- Note: For intra-day bars only
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