Here is an indicator that would be great to have converted to a strategy.
It is your basic Opening Range Breakout. You pick your start and end time.
Note: I am not a programmer and did not write the code for this indicator.
Wondering if someone could please either "convert" this or post a strategy that uses the opening range that would be great.
variables to control:
start and end time
Entry: once you get a CLOSE above/below the range.
Place a limit order at the range price that it just broke and in the same direction.
ie... LONG: a close ABOVE "rangetop" go long at the "rangetop" price.
order management:
1. cancel order if not filled after X bars
2. Two target prices in number of ticks from entry. ie T1 = +8 and T2 = + 16
ie: trading 2 contracts...1 off at first target +8 ticks and 2nd off at 2nd target of +16 ticks.
3. "trailing stop" option; 0 = off
4. move stop to break even after X number of ticks; 0 = off.
5. initial stop loss in ticks
This is obviously a strategy that has been around for many years.
I have seen indicators for break outs...hourly zones...ranges...etc...
but I have not been able to find an automated strategy.
BTW...this is my first post...so if I posted this in the wrong place....be gentle.