ORB Pro w/ Filters + Debug Overlay + Reversal Overlay

🔎 Overview

This indicator is designed to highlight high-probability reversal setups for intraday traders.
It focuses on the cleanest, most reliable candlestick reversal patterns and combines them with trend, VWAP/EMA confluence, and a time-based filter to reduce noise.

🛠️ How It Works

The script scans each bar for well-known reversal signals:

Doji Reversal – small body, long wicks showing indecision.

Hammer / Shooting Star – long wick ≥ 2× body, showing exhaustion.

Engulfing Reversal – full body engulf of the prior candle.

Additional filters include:

✅ VWAP/EMA Confluence (optional) – confirms reversals near key intraday levels.

✅ Time Window (default 9:30–10:30 NY) – avoids false signals later in the session.

✅ Trend Exhaustion Check – requires a short-term directional push before reversal.

✅ Signal Cooldown – limits to one clean signal per move.

When conditions align, the script plots:

🟢 “Bull Rev” label below the bar for bullish reversals.

🔴 “Bear Rev” label above the bar for bearish reversals.

⚙️ Recommended Settings

For the tightest, most reliable signals:

Doji Body % → 25–30

Hammer Wick Multiple → 2.0

Confluence Tolerance % → 0.2–0.3

Time Filter → ON (9:30–10:30 NY)

VWAP/EMA Filter → ON

Cooldown Bars → 10–15

These settings minimize false positives and focus on the strongest reversals.

📈 Use Case

This tool is best for:

Intraday traders (stocks, ETFs, futures, crypto).

Traders who use Opening Range Breakout (ORB) or similar systems but want a secondary tool for catching reversals.

Anyone looking to filter out weak reversal patterns and focus on textbook setups.

⚠️ Disclaimer

This script is for educational purposes only and should not be considered financial advice. Always test in simulation/paper trading before applying live

🚀 Catch textbook reversals with confidence.
This indicator filters out noise and only plots high-probability reversal signals based on proven candlestick patterns + VWAP/EMA confluence.

🔥 Key Features:

✅ Detects Doji, Hammer/Shooting Star, and Engulfing Reversals

✅ VWAP & EMA confluence filter (optional)

✅ Time window filter (default 9:30–10:30 NY for max edge)

✅ Signal cooldown to avoid clutter

✅ Clean chart labels + alert conditions

🎯 Who’s It For?

Day traders who want precision reversal entries

ORB traders looking for secondary setups

Intraday scalpers who value quality over quantity

👉 Designed for traders who want fewer, cleaner, higher-probability signals.

⚠️ Not financial advice. For educational use only
_____

🎯 ORB SET-UP DESCRIPTIONS:
🔧 Exact settings I’d recommend (to avoid that mess):

requireClose = true

requireRetest = true with retestPct = 0.2%

minRangePct = 0.3%, maxRangePct = 1.5%

volumeFilter = true, volumeLength = 20

trendFilter = true, emaLength = 20

cooldownBars = 6 (on 5m chart → 30 minutes)

🔑 ORB Range Settings

Default sweet spot: 0.2% – 0.3%
→ This usually balances enough signals with reduced false breakouts.

High volatility days (CPI, FOMC, big gaps): 0.3% – 0.5%
→ Prevents fakeouts.

Low volatility days (tight overnight range, slow open): 0.15% – 0.2%
→ Keeps you from sitting on hands all day.

📌 Filters you already added help you avoid noise

EMA alignment

Volume confirmation

Optional stop/target logic

This means you don’t have to shrink the box to 0.1% — the filters will keep you in higher-probability trades

✅ Why You Might NOT See a Signal

ORB Box Too Wide

If the opening range is large, price has to move much further to trigger a clean breakout.

Wide box = fewer signals (but higher quality).

No Clean Break + Hold

Script waits for a candle to break above/below ORB and close strong enough.

A wick poke doesn’t count.

VWAP / EMA Filter Not Aligned

If price breaks but VWAP/EMA trend filter disagrees → no signal.

Keeps you out of fake moves against the trend.

Confirmation Candle Missing (if enabled)

Even if price breaks, the script may want the next bar to confirm direction before signaling.

Cooldown / One-Signal-Per-Break Rule

Some filters prevent back-to-back spam signals.

Only the first clean setup is alerted.