PROTECTED SOURCE SCRIPT
Opening Range Box with Breakout Labels
Overview
This strategy automates the classic Opening Range breakout trading technique by identifying the price range during a specified initial time window (the "Opening Range") each trading day, and then triggers trades when the price breaks out above or below this range. It draws a visual box around the opening range for clarity and provides breakout signals with configurable take profit and stop loss levels expressed in pips.
Key Features
Configurable Opening Range Time Window:
Define the start and end time of the opening range session using hour and minute inputs (24-hour format). For example, you can set it to capture the first 15 minutes after market open.
Extended Box Display:
Optionally extend the opening range box display by a configurable number of hours beyond the initial range period for ongoing visual reference.
Opening Range Box Visualization:
A semi-transparent colored box is drawn on the chart representing the high and low price of the opening range period, updating dynamically as the session progresses.
Breakout Detection & Entry Signals:
The strategy detects breakouts once the opening range session ends (including the extended period). It places:
A long entry when the price closes above the opening range high.
A short entry when the price closes below the opening range low.
Take Profit and Stop Loss in Pips:
You can define your desired take profit and stop loss levels in pips, allowing consistent risk management tailored to the instrument's pip value.
Visual Breakout Labels:
Up and down arrow labels appear on the chart at breakout points to clearly mark trade signals.
Max Breakout Labels Limit:
Limits the number of breakout labels displayed on the chart to avoid clutter.
This strategy automates the classic Opening Range breakout trading technique by identifying the price range during a specified initial time window (the "Opening Range") each trading day, and then triggers trades when the price breaks out above or below this range. It draws a visual box around the opening range for clarity and provides breakout signals with configurable take profit and stop loss levels expressed in pips.
Key Features
Configurable Opening Range Time Window:
Define the start and end time of the opening range session using hour and minute inputs (24-hour format). For example, you can set it to capture the first 15 minutes after market open.
Extended Box Display:
Optionally extend the opening range box display by a configurable number of hours beyond the initial range period for ongoing visual reference.
Opening Range Box Visualization:
A semi-transparent colored box is drawn on the chart representing the high and low price of the opening range period, updating dynamically as the session progresses.
Breakout Detection & Entry Signals:
The strategy detects breakouts once the opening range session ends (including the extended period). It places:
A long entry when the price closes above the opening range high.
A short entry when the price closes below the opening range low.
Take Profit and Stop Loss in Pips:
You can define your desired take profit and stop loss levels in pips, allowing consistent risk management tailored to the instrument's pip value.
Visual Breakout Labels:
Up and down arrow labels appear on the chart at breakout points to clearly mark trade signals.
Max Breakout Labels Limit:
Limits the number of breakout labels displayed on the chart to avoid clutter.
Script protegido
Esse script é publicada como código fechado. No entanto, você pode usar ele livremente e sem nenhuma limitação – saiba mais aqui.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Script protegido
Esse script é publicada como código fechado. No entanto, você pode usar ele livremente e sem nenhuma limitação – saiba mais aqui.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.