Description
Overview
ORB515 is an intraday, rule-based Opening Range (ORB) indicator designed to map key market structure levels derived from the first five minutes of the trading session and project statistically relevant expansion levels for the remainder of the session.
Core Concept
The Opening Range is defined as the highest high and lowest low formed during the first five minutes of the trading day. This range represents early institutional activity and initial demand–supply imbalance. ORB515 uses this range as the foundational unit for all calculations.
The indicator focuses on defining early-session equilibrium, measuring initial volatility, projecting objective expansion targets, and providing directional context using an EMA-based regime filter. ORB515 does not generate buy or sell signals. It is a market-structure and context tool.
