Nova Trades | Opening Range Indicator

Nova Trades | Opening Range With Confluences

Overview
The Nova Trades ORB Simple indicator is a clean, educational implementation of Opening Range Breakout (ORB) methodology combined with Exponential Moving Average (EMA) trend filtering. This script is designed to help traders visualize market structure during the critical opening session and identify high-probability breakout opportunities.

What Makes This Implementation Unique
1. Real-Time Dynamic ORB Tracking
Unlike static ORB indicators that plot fixed levels, this script:

• Updates ORB high/low levels in real-time during the opening range period
  
• Dynamically adjusts line positions as new highs/lows form within the ORB window
  
• Uses line.set_y1() and line.set_y2() to provide smooth, live updates without cluttering the chart
  
• Automatically extends ORB levels into the future for easy visual reference
  

2. Integrated Status Dashboard
The script includes a comprehensive real-time status table that shows:

• Current ORB period status (ACTIVE vs COMPLETE)
  
• Calculated ORB range size (useful for volatility assessment)
  
• Current price position relative to ORB levels (ABOVE/BELOW/INSIDE)
  
• Price position relative to EMA (trend context)
  
• First breakout direction detection (BULLISH/BEARISH/PENDING)
  
• This dashboard eliminates the need to manually assess market conditions and provides instant decision-making information.
  

3. Breakout Detection Logic
The script employs a first-breakout-only tracking system that:

• Waits for the ORB period to complete before flagging breakouts
  
• Records only the first directional break after ORB completion
  
• Prevents false signals from intraday price whipsaws
  
• Maintains breakout status throughout the trading session for consistency
  

4. EMA Confluence Filter
While many ORB scripts exist and EMA is a standard indicator, this script's value lies in how they work together:

Trading Edge: The combination provides a two-factor confirmation system:

• ORB Breakout = Short-term momentum shift (microstructure)
  
• EMA Position = Intermediate trend alignment (macrostructure)
  

Why This Matters:

• ORB breakouts above ORB high + price above EMA = Aligned bullish momentum (highest probability long setups)
  
• ORB breakouts below ORB low + price below EMA = Aligned bearish momentum (highest probability short setups)
  
• Conflicting signals (e.g., ORB breakout up but price below EMA) = Lower probability, potential reversal zones
  

5. Customizable Time Periods
Supports multiple ORB timeframes (5m, 15m, 30m, 45m, 60m) because:

• Different securities have different volatility profiles
  
• Intraday traders may prefer shorter ORB periods (5-15m)
  
• Position traders may prefer longer ORB periods (45-60m)
  
• Allows optimization for specific trading styles and instruments
  

6. Clean Visual Design

• Market open line clearly marks session start
  
• Color-coded ORB levels (customizable) for instant visual recognition
  
• Minimal chart clutter with toggle options for each component
  
• Data window plots for programmatic strategy access
  

How It Works
Opening Range Breakout (ORB) Calculation

Initialization: At 9:30 AM NY time (market open), the script begins tracking
Range Formation: During the selected timeframe (default 30 minutes):

• Continuously updates the highest high → ORB High
  
• Continuously updates the lowest low → ORB Low
  
• Range Completion: After the ORB period ends, levels are locked
  
• Breakout Detection: Price breaking above ORB High (bullish) or below ORB Low (bearish) triggers the breakout flag
  

EMA Trend Filter

• Calculates exponential moving average (default 50-period, customizable 1-500)
  
• Provides trend context: Price > EMA = uptrend, Price < EMA = downtrend
  
• Acts as dynamic support/resistance level
  
• Combined Strategy Logic
  

Why Open Source?
This script is published as open source to:

• Provide educational value to the trading community
  
• Demonstrate clean coding practices for ORB implementations
  
• Allow traders to customize and adapt to their specific needs
  
• Serve as a foundation for more complex strategy development
  
• The code uses standard Pine Script functions (ta.ema(), line.new(), table.new()) intentionally to maintain transparency and educational value.
  

Disclaimer
This indicator is for educational and informational purposes. It does not constitute financial advice. Past performance does not guarantee future results. Always practice proper risk management.