An Opening Range Breakout (ORB) EA is an automated trading system that is designed to trade a financial instrument based on a specific strategy called an Opening Range Breakout. The strategy is commonly used by day traders in the financial markets, particularly in the stock market.
The Opening Range Breakout strategy is based on the idea that the first few minutes of the trading day can be particularly volatile, and that a significant move in the price of a stock or other financial instrument can occur during this time. The strategy involves identifying the high and low price range of the first few minutes of the trading day, and then placing buy or sell orders at a certain distance from this range. If the price breaks out of this range, the buy or sell orders are triggered, and the trader can make a profit from the resulting price movement.
The ORB EA automates this strategy by using algorithms to identify the high and low range of the first few minutes of the trading day and placing buy or sell orders based on this range. The EA can be programmed to include additional criteria, such as stop-loss orders, take-profit orders, and other risk management parameters.
Variable Explanation
ORB Day Shift - 0 is current day, 1 is a day before, 2 is 2 days before...
ORB Start Hour, ORB Start Min - Starting hour and minute of range
ORB End Hour, ORB End Min - Ending hour and minute of range
PO End Hour, PO End Min - Time to delete PO
Stretch (Buy) - Points to add to Buy PO
Stretch (Sell) - Points to add to Sell PO
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