The Live Scanner is a powerful tool that allows traders to find securities that meet specific criteria for the Opening Range Breakout (ORB) trading strategy. By searching through 10,000+ stocks and filtering based on user-defined parameters, the Live Scanner makes it easy to identify trading opportunities and make informed decisions in real-time.
Pro Tip:
Think of the Live Scanner as your personal trading assistant. It searches for new breakouts every 2 seconds, and even gives you 3-month backtest results on the go. If you feel like the scanner is giving you too many setups, increase filters like the win-rate and P/L to make the list more manageable. Same goes for the opposite, if you see too few trades on low volatility days, decrease the filters so you can see more setups.
To access the Live Scanner, login to the ORB Pro platform and click on the Live Scanner page. From here, you can customize your filters and start scanning for trades.
Here’s how to set up your scanner:
- Select your preferred Symbol List. You can choose to scan all symbols or a subset based on your preferences.
- Choose your desired Win-Rate, Expectancy, and Trailing P/L filters. These will allow you to filter results based on your desired criteria.
- Set your Breakout Direction filter to include Long, Short, or both.
- Choose your desired ORB Range from 5, 15, or 30 minutes.
- Select your preferred Target and Stop sizes, including half or full targets and stops.
- Choose how to Sort your results, whether by symbol, range, position, win-rate, expectancy, trailing P/L, or risk/reward.
- The scanner will automatically filter through all trades to find the ones that meet your criteria.
Keep scrolling down the scanner list to find all trades. The tighter your criteria, the fewer trades you are likely to see. This means you will see fewer trades with a win-rate filter set to 75% compared to reducing the win-rate donw to 60%.
If you want to reset the filters, simply refresh the page.
Note: If you’ve selected the 5-minute ORB range, then the scanner will search for breakouts that take place in the next 5 minute period (9:35 – 9:40 AM EST). If you’ve selected the 15-minute ORB range, then the scanner will search for breakouts that take place in the next 15 minute period (9:45 – 10:00am EST). And if you’ve selected the 30-minute ORB range, then the scanner will search for breakouts that take place in the next 30 minute period (10:00 – 10:30am EST).