I have read about the “ORB” Intraday Trading Strategy at quite someplace but no one explains it well.
All the traders are here, so I thought that you will help me and explain it well. Because you have trading experience, you will not lie in any way.
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If your looking for correct implementation of the famous Toby crabel’s open range breakout strategy , you can have glance here https://www.alguracy.com/strategyview?strategy=TOBY-CRABELS-OPEN-RANGE-BREAKOUT
Trading with “ORB” Intraday trading strategy is really easy.
First let us understand how Orb trading strategy works
ORB refers to opening range breakout
any stock creates a high and low in the first 15 mins or 30 mins , these levels can be used as support and resistance for the trade. when the stock price goes above or below this range, a trade is generated.
For example : The high and low of xyz stock is 105 and 95 respectively in the first 15 mins
On the next 5 min candle, if the price closes above 105 we are supposed to buy since the price is likely to move upwards
and if the price close below 95 we are supposed to sell as the price is likely to go lower.
The parameters can be changed accordingly.
I have been usingstreak.tech utimate
I backtested the same strategy for a couple of stocks that I follow and here is the screenshot of the result
Here I have used the conditions only for long positions where, when the close of a candle crosses above the high for the opening range ( 15 mins is the range I have used, it can be changed) , I take a buy position.
I hope I have been able to clear your doubts, if you have any further query regarding the strategy or the platform you can comment below.