Explain what the strategy has to do, when should it enter LONG or SHORT?

This is the code:

DEFPARAM CumulateOrders = False
Timeframe(default)
DAXopen = 080000
//
Timeframe(5 minute,UpdateOnClose)
Green = close > open
Red   = close < open
IF OpenTime = DAXopen THEN
   IF Red THEN
      BUY 1 CONTRACT AT MARKET
      TP = (high - close) + 5*PipSize
      SL = 20
      SET TARGET PROFIT TP
      SET STOP   pLOSS  SL
   ELSIF Green THEN
      SELLSHORT 1 CONTRACT AT MARKET
      TP = (close - low) + 5*PipSize
      SL = 20
      SET TARGET PROFIT TP
      SET STOP   pLOSS  SL
   ENDIF
ENDIF
//
//************************************************************************
//trailing stop function
trailingstart = 20 //trailing will start @trailinstart points profit
trailingstep  = 5 //trailing step to move the "stoploss"
 
//reset the stoploss value
IF NOT ONMARKET THEN
 newSL=0
ENDIF
 
//manage long positions
IF LONGONMARKET THEN
//first move (breakeven)
 IF newSL=0 AND close-tradeprice(1)>=trailingstart*pipsize THEN
  newSL = tradeprice(1)+trailingstep*pipsize
 ENDIF
//next moves
 IF newSL>0 AND close-newSL>=trailingstep*pipsize THEN
  newSL = newSL+trailingstep*pipsize
 ENDIF
ENDIF
 
//manage short positions
IF SHORTONMARKET THEN
//first move (breakeven)
 IF newSL=0 AND tradeprice(1)-close>=trailingstart*pipsize THEN
  newSL = tradeprice(1)-trailingstep*pipsize
 ENDIF
//next moves
 IF newSL>0 AND newSL-close>=trailingstep*pipsize THEN
  newSL = newSL-trailingstep*pipsize
 ENDIF
ENDIF
 
//stop order to exit the positions
IF newSL>0 THEN
 SELL AT newSL STOP
 EXITSHORT AT newSL STOP
ENDIF
//************************************************************************

As to the code you posted, lines 5 and 11 which OPEN are referencing, the current one or the one when the trade was entered?

Hi.
Whats the the deafult Timeframe for the strategy?