RicardoSantos

[STRATEGY][RS]Open Session Breakout Trader

EXPERIMENTAL: use at your own discretion.

custom session breakout strategy, it uses a percentage of daily atr to set breakout limits. strategy only viable for intraday timeframes and is suggested under 1hour.
Jul 17
Release Notes: Fixed a issue when 1st bar on open closed beyond the buy/sell lines and didnt trigger a trade.
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Great work and appreciate the script.
Any updates ?
Svara
I also noticed this
It would seem the strategy itself is not reporting a few of the "breakeven" trades, which keeps the strategy seemingly profitable in itself. Would you mind explaining if I'm correct on this and if so how to avoid it? I feel like this might be producing a bit of false numbers but am not sure.
https://gyazo.com/3b0f5bc04dee2868b4b8daf7b67c9262
Svara
@Maustula, its possible im currently not tracking this, but may be something due to tradingview's engine.
+1 Svara
Maustula RicardoSantos
@RicardoSantos, I appreciate the reply.
Svara
Firstly, thanks for your work on this, Quite nice for sure.
I am playing around with this due to being a opening range breakout and volume profile trader.
I believe and think most people are having difficulty understanding the " Percent Range Breakout " and that this actually adjusts your high and low for the breakout itself.
My question after all of this is, how do I set the buys and sells when bars close above / below the opening breakout area of specified times, is this an option?
Svara
@Maustula, percent range multiplier is a modifier for the daily atr range, set it to the percent of the daily atr you want to draw the breakout lines.

" how do I set the buys and sells when bars close above / below the opening breakout area of specified times, is this an option?"
its not.
Svara
This look interesting, but TBH I don't understand what the indicators (small arrows and the colored fields) are actually showing. Can you explain a bit the theory for this indicator and how to use it? Any external links to similar ideas?
Svara
@E3V3A, pretty much all self explanatory, colored field is the trade parameters entry/profit/loss, arrows are the strategy execution, purple background field is the session length, dark green/red are the opening session range.
google/search open range breakout?
Svara
E3V3A RicardoSantos
Thanks @RicardoSantos, for your quick response and patience. Googling indeed clarified some but best is still to read and try to understand your code. For those who don't know, here are two links I found helpful:

// Opening Range Breakout Trading Strategy:
https://www.forex.com/en-us/education/education-themes/trading-strategies/opening-range-breakout-trading-strategy
// 3 Reasons Not To Trade Range Breakouts:
https://www.investopedia.com/articles/trading/10/3-reasons-not-to-trade-range-breakouts.asp

Obviously, I'm interested in trading this, but everyone need to know the pro's & con's.
My issue is: (1) to understand what the horizontal dark red/green lines were and what determined their width. (2) The TZ you use for the sessions shown. Is this London or NY?

Anyway, again thanks a lot for sharing all this (and many others)!
Svara
@E3V3A, GMT+0 or UTC+0
Svara
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