Open Range Breakout Indicator ORB
Hello everyone,
Here is the ORB indicator (Open Range Breakout) used in the famous strategy of Toby Crabel:
http://www.amazon.fr/Trading-Short-Patterns-Opening-Breakout/dp/0934380171
An explanation video:
https://www.youtube.com/watch?v=CAHG_KAhhJw
Some other details here:
This indicator shows the highest and lowest in the first hour of trading that is very important. Default 9:00AM / 10.00AM. (European time zone)
This defines a Support and Resistance which we monitor breakage / Breakout in this strategy.
Bearings of 50% of the obtained range are also plotted.
It is of course quite possible, if desired, to change the indicator parameter for other time range
Bons trades 🙂
Zilliq
once maxii=undefined
once minii=undefined
once maxi1=undefined
once mini1=undefined
once maxi2=undefined
once mini2=undefined
once maxi3=undefined
once mini3=undefined
if time<090000 then
maxi=high
mini=low
elsif time<100001 and time>=090000 then
maxi=max(high,maxi)
mini=min(low,mini)
lerange=(maxi-mini)/2
else
maxii=maxi
minii=mini
maxi1=maxi+lerange
mini1=mini-lerange
maxi2=maxi+2*lerange
mini2=mini-2*lerange
maxi3=maxi+3*lerange
mini3=mini-3*lerange
endif
return maxii as "Maxi première heure de cotation", minii as "Mini première heure de cotation", maxi1 as "Maxi1" ,mini1 as "Mini1",maxi2 as "Maxi2" ,mini2 as "Mini2",maxi3 as "Maxi3" ,mini3 as "Mini3"
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Coding is not a crime 😉
http://www.zilliqtradingresearch.fr/
