Beast Mode - ORB Indicator [Advanced Retest & Targets]

Beast Mode - ORB Indicator [Advanced Retest & Targets]

The Beast Mode - ORB Indicator is a comprehensive institutional trading system designed to automate the Opening Range Breakout (ORB) strategy. Unlike standard ORB indicators that simply draw high/low lines, this script integrates "Smart Retest" logic, dynamic risk/reward targets, and volume/volatility filters to help traders identify high-probability setups while filtering out chop and fake-outs.

This tool is designed for Futures (ES, NQ, YM) and Equities traders who rely on the initial market balance to determine the day's directional bias.

How It Works

The Opening Range is defined as the High and Low price established during the first X minutes of the market session (e.g., 5 minutes, 15 minutes). This range represents the initial battle between buyers and sellers.

1. The Range Formation: The script monitors the user-defined opening window (e.g., 9:30–9:35 AM ET). Once the window closes, it plots the ORB High (Green), ORB Low (Red), and Midline (Gray).

2. The Breakout: A signal is generated when a candle closes outside the defined range. This signal is filtered by volume (must be higher than average) and range quality (to avoid trading during extremely tight or over-extended ranges).

3. The Smart Retest (New Feature): Breakouts often fail. The most reliable entry is often the retest of the breakout level. This script uses a unique algorithm to detect valid retests:
- Tolerance: Price must return to within a specific point range of the ORB level.
- Rejection: Price must physically "bounce" away from the level by a minimum point value.
- Volume: The rejection candle must have significant volume to confirm institutional defense of the level.

Key Features

1. Dynamic Risk/Reward Targets
The indicator automatically projects profit targets based on the size of the Opening Range:
- Target 1 (💰): Placed at a 1:1 ratio relative to the range size. (e.g., If the range is 20 points, T1 is 20 points above the High).
- Target 2: A user-defined multiplier (default 2.0x) for extended trend days.
- Stop Loss Zones: Visual dotted lines indicating statistically significant stop-loss placement levels.

2. Smart Retest Logic
Instead of blindly buying a touch of the line, the script waits for confirmation. It looks for a "Checkmark" pattern: Breakout -> Pullback to Zone -> Rejection Bounce. Retest signals are marked with a distinct "RE" label.

3. Quality Filters
- Volume Filter: Ensures that breakout signals are backed by relative volume (RVOL) to avoid "low volume drift" fake-outs.
- Range Filter: Prevents signals if the Opening Range is too small (chop) or too large (exhaustion), based on point values.

4. Professional Dashboard
A data table displays real-time statistics:
- Status: Forming, Active, or Waiting.
- Range: The exact size of the opening range in points.
- Position: Current price relation to the ORB (Above/Below/Inside).
- Targets: Exact price levels for T1 and T2.

Settings & Configuration

- ORB Timeframe: Select between 5m PreMarket, 5m Standard, 15m, or 30m ranges.
- Trading Session: Define your active trading hours (signals are muted outside this window).
- Target Multiplier: Adjust the extension for the second target (e.g., 1.5x, 2.0x, 3.0x).
- Retest Specifics:
- Tolerance: How close price must get to the line to count as a test.
- Min Bounce: How hard price must reject to trigger a signal.
- Visuals: Fully customizable colors for lines, backgrounds, and labels.

Disclaimer
This indicator is a technical analysis tool intended to assist in identifying market structure and potential areas of interest. Past performance of the Opening Range Breakout strategy does not guarantee future results. Users should always manage risk appropriately and use this tool in conjunction with their own analysis.

Concepts based on standard institutional Opening Range Breakout theory.