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Gold ORB Strategy (15-min Range, 5-min Entry)

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The Gold ORB (Opening Range Breakout) Strategy is designed for day traders looking to capitalize on the price action in the early part of the trading day, specifically using a 15-minute range for identifying the opening range and a 5-minute timeframe for breakout entries. The strategy trades the Gold market (XAU/USD) during the New York session.

Opening Range: The strategy defines the Opening Range (ORB) between 9:30 AM EST and 9:45 AM EST using the highest and lowest points during this 15-minute window.

Breakout Entries: The strategy enters trades when the price breaks above the ORB high for a long position or below the ORB low for a short position. It waits for a 5-minute candle close outside the range before entering a trade.

Stop Loss and Take Profit: The stop loss is placed at 50% of the ORB range, and the take profit is set at twice the ORB range (1:2 risk-reward ratio).

Time Window: The strategy only executes trades before 12:00 PM EST, avoiding late-day market fluctuations and consolidations.
Notas de Lançamento
This Pine Script is designed for trading the Opening Range Breakout (ORB) strategy on the Gold market (XAU/USD), specifically focusing on Asia session data and trading during the New York session. Here's a detailed explanation of how the script works:

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