Introduction

The Opening Range Breakout (ORB) refers to price behavior relative to the Opening Range, which is defined as the high and low established during the first 15 minutes of the regular trading session (9:30–9:45 ET).

If you are already familiar with the Initial Balance (IB), the ORB is essentially a shorter-duration version of the same concept. The IB uses the first hour of trading, while the ORB is the first 15 minutes. Both define early session balance and provide context for how price behaves afterward.

The ORB framework tracks whether price:

breaks above the opening range
breaks below it
breaks both sides, or
remains contained within the range for the entire session

These probabilities vary significantly from one security to another, so check often.

Key outcomes used throughout these reports

Breakout: Price only breaks the ORB High.
Breakdown: Price only breaks the ORB Low.
Double break: Price breaks both the ORB High and the ORB Low at some point during the session.
No break: Price remains within the ORB High and ORB Low for the entire session.

Unless otherwise specified, a “break” refers to price trading beyond the ORB boundary at any point during the regular trading session.

How do I set up my chart for this strategy?

To plot the ORB, first wait for the opening range period to complete. Once the first 15 minutes of the regular trading session have passed (9:30–9:45 ET), draw:

a horizontal line at the highest price traded during that period (ORB High), and
a horizontal line at the lowest price traded during that period (ORB Low).

If you are using TradingView, you can load the ORB indicator included with your QUANTIS subscription, which automatically plots these levels.

Standard Subreport

What does the Standard subreport measure?

This report measures how often each ORB outcome occurs. It answers:

How often do breakouts occur?
How often do breakdowns occur?
How often do double breaks occur?
How often do no-break days occur?

How can I use this?

This report helps you bias your day using historical data before the market opens.

For example:

If breakouts or breakdowns dominate, continuation after the first break is statistically more likely than a double break. In these environments, waiting for a retracement to enter in the direction of the break may be optimal.
If double breaks are most common, be cautious about chasing the first move. In this case, it is often useful to consult the Initial Balance report for higher-timeframe context. The Initial Balance uses the first hour of trading instead of the first 15 minutes.

Example

Let’s assume that after the first 15 minutes, the high and low form this opening range:

ORB High: 6,100
ORB Low: 6,000

Possible outcomes (evaluated across the full regular trading session):

Breakout: Price trades above 6,100 and never trades below 6,000.
Breakdown: Price trades below 6,000 and never trades above 6,100.
Double break: Price trades above 6,100 at some point and below 6,000 at some point.
No break: Price remains between 6,100 and 6,000 all day.

These outcomes are mutually exclusive.

Weekday Subreport

What does the weekday subreport measure?

This report shows the same ORB outcomes as the Standard view, segmented by day of the week. It helps identify whether certain weekdays behave differently—for example, whether Mondays differ from Fridays or whether double breaks cluster on specific days.

Differences across weekdays can arise from macroeconomic scheduling, options expirations, or recurring institutional positioning patterns.

How can I use this?

Use weekday tendencies to adjust expectations before trading:

If a particular weekday historically produces more single-direction breaks, you can prioritize breakout or breakdown continuation setups.
If a weekday produces more double breaks, avoid overcommitting to the first move and instead plan for potential reversals after one side of the range is taken.

Example

If the report shows that double breaks occur more frequently on Tuesdays than on other weekdays, that implies Tuesday historically experiences more two-sided range violations relative to the baseline.

Size Subreport

What does the size subreport measure?

This report groups ORB days by the size of the opening range and tracks how the distribution of outcomes changes across the following sizes:

0–0.2%
0.2%–0.39%
0.4%–0.59%
0.6%–0.89%
0.9%+

ORB size is calculated as:

ORB Size (%) = (ORB High−ORB Low) / ORB Low × 100

How can I use this?

Use ORB size as a filter so that all mornings are not treated the same:

If certain range sizes are associated with more single-break days, continuation setups may be more reliable in those environments.
If certain range sizes are associated with more double breaks, expect more reversals and manage risk more tightly.

Example

ORB Low: 6000
ORB High: 6050
ORB Range: .82%

That day’s ORB would fall into the 0.6%-0.89% size bucket.

Close Subreport

What does this measure?

This tracks where price tends to finish the day relative to the ORB. It shows how often price closes:

above the ORB High,
within the ORB range, or
below the ORB Low.

How can I use this?

Use common close locations to guide trade management:

If price is currently in an area where it rarely closes, you can structure trades targeting areas where closes occur more frequently.
If price is already in a zone where it commonly closes, avoid trades that require it to leave that zone.

This supports profit targets, entries, stops, and areas of interest based on where price historically finishes—not where you hope it will finish.

Example

If price is trading below the ORB during the afternoon, the report helps determine whether the day historically finishes:

above the ORB High,
within the ORB range, or
below the ORB Low.

Performance Subreport

What does this measure?

This report measures the extension of the first break from the ORB—how far price travels beyond the ORB boundary before returning back inside the range.

Extension is measured from the ORB boundary in the direction of the first break to the furthest price excursion before re-entry.

Only the first breakout or breakdown of the day is evaluated. Subsequent breaks are ignored.

You can define both the break and the return as:

By wick: any touch outside or inside counts, or
By close: a candle close outside or inside is required.

If price never returns inside the ORB, the report uses the day’s high or low to avoid truncating trend days.

How can I use this?

Use this report to set realistic, data-driven targets:

If the typical extension after the first break is modest (for example, 0.3%), treat that as the baseline expectation.
Use extension statistics to guide scaling out and stop tightening.

Your TradingView indicator can optionally plot average and maximum extension levels derived from this report.

Example

Breakout

ORB High: 5,000
Price reaches: 5,030
Returns inside ORB
Extension = 0.6%

Breakdown

ORB Low: 4,900
Price drops to: 4,850
Returns inside ORB
Extension = 0.5%

Retracement Subreport

What does this measure?

This report focuses on single-break days and measures how often price retraces a portion of the ORB range after the initial break and before any opposite-side break occurs.

Retracement levels tracked:

Retracements are measured relative to the direction of the first break.

How can I use this?

Use retracement frequencies to plan trade management:

If a retracement level (for example, 50%) is commonly reached, it can serve as a potential entry or risk reference.
This helps anticipate normal pullbacks rather than reacting emotionally to them.

Example

Assume the ORB range is 100 points.

Breakout day

ORB High: 5,000
25% retracement = 25 points
Retracement level = 4,975

Breakdown day

ORB Low: 4,900
50% retracement = 50 points
Retracement level = 4,950

The report measures how often price touches these levels later in the session.

Levels Subreport

What does this measure?

This report tracks how often price reaches specific multiples of the ORB range after leaving the opening range. Levels are defined as a multiple of the ORB range in both directions:

0.5x, 1x, 2x, up to 4x

Example

If the ORB range is 10 points:

0.5x above ORB High = 5 points above ORB High
−2.5x below ORB Low = 25 points below ORB Low

The report measures how frequently price reaches each multiple.

How can I use this?

Use frequently reached multiples as probability-supported reference levels:

Levels that are reached often (for example, 1.5x or 2x) can serve as profit-taking or planning references.
Levels that are rarely reached (3x–4x) should not be required for a trade idea to be successful.

Time Subreport

What does this measure?

This report evaluates when ORB breaks tend to occur. You select:

Single-break days or double-break days, and
A time threshold (for example, 12:00 ET)

The report then shows how often the relevant break occurred before versus after the selected time. Time is evaluated using the timestamp of the first confirmed break.

How can I use this?

Use timing tendencies to focus attention and reduce low-quality waiting:

If most breaks occur before your threshold, prioritize earlier trading.
If breaks tend to occur later, avoid forcing trades early in the session.