ORU2
▲ Bullish
Streaming Alert (Scanner)
2 Minute Opening Range Breakout Alert (ORU2)
Find stocks breaking above their 2-minute opening range in real time with Trade Ideas Streaming Alerts (Scanner). The 2-minute opening range is the high and low of the first 2 minute candle of the day. An opening range breakout is the first time price trades above that high.
Stocks moving off the open.
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Streaming Alerts push each 2 Minute Opening Range Breakout alert on the print that triggers it.
How Trade Ideas finds it: by default, the 2-minute opening range breakout alert is automatically triggered when a stock's price breaks above resistance for the first time during the trading day. See Trade Ideas plans and pricing to run it live.
How the 2 Minute Opening Range Breakout alert works
Trader tip
These alerts define support as the lowest point in the first candle of the day. Resistance is the highest point in the first candle. The first time we break above resistance, that's an opening range breakout. The first time we break below support, that's an opening range breakdown. You can choose between 1, 2, 5, 10, 15, 30 and 60 minute candles. 15 is the most popular choice, but they are all valid.
Many trading strategies tell the trader to watch a stock closely from the open, but not to make any trades until the market has settled down. Wait for the stock to choose a direction. Use the size of the first candle to tell you how much the stock has to move before it has selected a direction.
Example
These alerts automate the strategy described above. Instead of watching one stock closely, let our software search through the entire market to tell you what's hot. Scans like these monitor all stocks on various time frames. Let's say, for example, that you don't like to start trading until 10 o'clock. Bulls and bears will become obvious at that time if you watch the 30 minute opening range breakouts and breakdowns. In addition to picking individual stocks, you can use the alerts to get a feel for the overall market. Gauge the strength or weakness of the market based on the number of breakouts vs. breakdowns that you see.
These are powerful alerts because the stock price must pass through two forms of support or resistance. A breakout alert only occurs when the stock price breaks above the high of the first candle, for the first time all day. That means that the stock is also making new daily highs at the same time as it is crossing the resistance line described above. For the same reason, a breakdown alert means that the stock is making new lows for the day at the same time as it is passing through the support described above.
Keep in mind
Note: Each stock has its own clock. We start the clock when a stock has its first print of the day. For NYSE stocks we ignore any prints before the specialist opens the market.
Default settings
By default, the 2-minute opening range breakout alert is automatically triggered when a stock's price breaks above resistance for the first time during the trading day. To align with each alert, it's essential to utilize the corresponding time frame on the chart. For instance, the 2-minute opening range breakout is visualized on the 2-minute candlestick chart.
What the alert shows you
Key point
The description column of this scan will display "Opening Range Breakout (2 minutes)", providing you with a clear indication of the specific alert that has been triggered.
Related alerts
Filters to pair with the 2 Minute Opening Range Breakout alert
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FAQ
Which stocks just broke out above their 2 minute opening range?
Turn on the 2 Minute Opening Range Breakout alert (ORU2) in Trade Ideas Streaming Alerts. By default, the 2-minute opening range breakout alert is automatically triggered when a stock's price breaks above resistance for the first time during the trading day.
What is the 2 Minute Opening Range Breakout alert?
The 2-minute opening range is the high and low of the first 2 minute candle of the day. An opening range breakout is the first time price trades above that high.