ORB 15m Breakout with Fibonacci Levels

A systematic approach to trading opening range breakouts using Fibonacci retracement levels.

Key Components

1. Opening Range

First 15 minutes of trading defines the range. Wait for a clear break above/below.

2. Fibonacci Levels

0.382, 0.5, 0.618, and 0.786 retracements of the opening range.

3. Volume Confirmation

Break should occur on above-average volume (1.5x 5-day average).

Entry Rules

Long Setup

Price breaks above opening range high
Volume surge confirms breakout
Enter on first pullback to Fib level

Short Setup

Price breaks below opening range low
Volume surge confirms breakdown
Enter on first pullback to Fib level

Risk Management

Stop Loss

Place stop beyond the nearest Fibonacci level (usually 0.786)

Position Size

Risk 1% of account per trade based on stop distance

Profit Targets

1:2 and 1:3 risk/reward ratios, scale out in portions

Example Setup

Pine Script Indicator

Use this Pine Script to plot the ORB levels and Fibonacci retracements:

//@version=5
indicator("ORB with Fib Levels", overlay=true)

// Inputs
orbPeriod = input.int(15, "ORB Period (minutes)")

// Get opening range
t = time("", "0930-0945:23456")
isNewDay = na(t[1]) and not na(t)
var float orbHigh = na
var float orbLow = na

if isNewDay
    orbHigh := high
    orbLow := low
else
    if not na(t)
        orbHigh := math.max(orbHigh, high)
        orbLow := math.min(orbLow, low)

// Plot levels
plot(orbHigh, "ORB High", color=color.lime)
plot(orbLow, "ORB Low", color=color.red)

// Plot Fib levels
range = orbHigh - orbLow
plot(orbHigh - range * 0.382, "0.382", color=color.yellow)
plot(orbHigh - range * 0.5, "0.5", color=color.yellow)
plot(orbHigh - range * 0.618, "0.618", color=color.yellow)
plot(orbHigh - range * 0.786, "0.786", color=color.yellow)