What it is
The first stretch of a session often sets the tone. Orders that built up overnight get filled, and the high and low made in that window become reference points for the rest of the day. Opening range breakout (ORB) traders wait for that window to close and then trade the first decisive move out of it.
WickSpeak marks the high and low of the first chosen number of minutes of the current day, counted from midnight UTC, which for gold and forex roughly covers the start of the Asian session. On short charts that load only a few hours, WickSpeak fetches the opening candles separately so the range is still correct.
How it is calculated
1. Find the start of the current day at 00:00 UTC. 2. Take every candle from then until the chosen number of minutes later, 60 by default. 3. Range high = the highest high of those candles. Range low = the lowest low. 4. Draw both as lines for the rest of the day.
Settings
| Setting | Default | Range | What it changes |
|---|---|---|---|
| Minutes | 60 | 5 to 480 | How long the opening window lasts. 15 or 30 minutes gives a tight range and early breakouts; 240 or more covers most of the Asian session. |
How to read it
How to trade it
- 1
Let the window finish. With the default 60 minutes, the range is set at 01:00 UTC.
- 2
On a 5 minute gold chart, wait for a candle to close outside the range. Many traders wait for the London open before trusting a break.
- 3
Enter on that close. Place the stop at the middle of the range or just inside the opposite side if the range is small, for example 8 to 12 points on gold.
- 4
Target the range height added to the breakout point, then a second target at twice that.
- 5
Skip the trade if the range is more than about twice a normal day's opening range, as much of the day's movement may already be done.
An opening range breakout is proved wrong when price closes back inside the range and then through its middle.
WickSpeak runs in your browser with nothing to install. When you add the opening range, it writes a plain-English reading on the live candle: what the indicator is, what it is doing right now, how to trade it and what would prove that reading wrong. It names the range high and low, the range height in points, how far price is from each edge, and whether a breakout has happened.
The opening range is a level tool and is not one of the indicator conditions in Playbook. The breakout and price level conditions in Playbook can be used to build range-break plays, and the open itself is one of WickSpeak's key levels.
Best markets and timeframes
Most useful on 1 to 15 minute charts. The UTC-midnight window suits gold and forex, whose trading day runs around the clock; for US30 and NAS100 traders who focus on the New York cash open, the midnight range acts more as an overnight reference.
Common mistakes
- Trading inside the range before it has finished forming.
- Taking every break, including weak ones on small candles, rather than waiting for a clear close.
- Assuming the range starts at the New York open; WickSpeak's range starts at midnight UTC.
Works well with
Questions traders ask
What is the best opening range time?
15, 30 and 60 minutes are the most common. Shorter ranges give earlier but more frequent false breakouts; longer ranges give fewer, more reliable signals with less of the day left.
When does the opening range start in WickSpeak?
At midnight UTC, the start of the trading day for the chart. With the default 60 minutes, the range runs from 00:00 to 01:00 UTC.
Does opening range breakout work on gold?
Many traders use it on gold, often waiting for the London or New York session to break the Asian range. Results depend on the market's mood, so test it on your own data before trading it.
Where do I put the stop on an opening range breakout?
Common choices are the opposite side of the range or the middle of the range. The middle gives a tighter stop and a better ratio to the target, at the cost of more stop-outs.