TMS-ORB Levels

The indicator provides structural level projection based on early-session volatility. It is neither a trend-following indicator nor an oscillator, but a visual overlay tool designed to project potential intraday price targets using the height of the Opening Range.

Key Features

• Automated Opening Range Visualization: Marks the Opening Range High (ORH) and Low (ORL) with a customizable box.

• Up to 8 Range Extensions: Projects up to 4 upper and 4 lower extension levels calculated as direct multiples of the initial range ($R = \text{ORH} - \text{ORL}$). Each level features independent toggles, color controls, and decimal multiplier settings (e.g., 0.5x, 1.0x, 2.0x, 4.0x).

• Integrated Statistical Panel: Displays current session state (Idle, Collecting, Range fixed, No range today), ORH/ORL price bounds, and total range height measured in points, ticks, and percentage.

• No Signal Overlays: Pure visualization tool containing no execution algorithms, buy/sell signals, or risk management filters.

• Flexible Timezone Alignment: Manual UTC offset configuration to adapt to global market sessions.

How It Works

1. Data Collection Phase: During the designated start/end window, the indicator tracks session extreme highs and lows under the Collecting status.

2. Range Fixation & Target Calculation: Once the time window closes, the range freezes (Range fixed status). The indicator calculates range height $R$ and projects symmetric extension levels:

   $$\text{Target}_{\text{Upper}} = \text{ORH} + (k \cdot R)$$
   $$\text{Target}_{\text{Lower}} = \text{ORL} - (k \cdot R)$$

3. Session Reset: Calculations execute once per session and reset automatically at the start of each new trading day.

Settings

• Range Definition: Start/end time window and UTC offset.

• Upper & Lower Extension Levels: 4 upper + 4 lower levels with individual toggles, multiplier inputs, and color selectors.

• Range Box Styling: Fill color, opacity, and border settings.

• Level Lines & Labels: Line thickness, style (solid/dashed/dotted), and label text size.

• Historical Data: Number of historical days to retain on the chart.

• Statistical Panel: Display position, background colors, font size, and visibility toggle.

Use Cases

• Volatility Check: Day traders evaluate the initial range width against recent sessions to adjust target expectations early in the day.

• Breakout Extension Targets: On a clean breach above ORH, traders reference the 1.0x and 2.0x upper extensions as objective partial-profit targets for continuation setups.

• Extreme Trend Days: Order flow traders align internal execution triggers (volume absorption, order book imbalance) with 3.0x or 4.0x extension targets during high-momentum session trends.