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#1
17th March 2008, 01:07 AM
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Opening Range Breakout
Hi all,
I was trying to code a trading idea that I heard from a friend into Amibroker, but I am not able to get very far. My friend claims that if used on the Nifty futures, this system will allow a nimble trader to catch, on average, about 20 points/day. I am new to trading and after 6 months of break-even (barely) trading, the prospect of 20 points/day looks rather attractive to me. The idea is very simple - 1. We go long if the price breaks out above the high established during the first hour and we go short if price breaks down below the first hour low. 2. Profit target for the system and stop loss levels need to be optimized. 3. We take no more than one long and one short position in a day. That is we trade only the first breakout and breakdown of the opening hour range. 4. We do not take any fresh positions after 3:00 pm and we do not take any positions overnight. 5. Any trades that have not hit profit target or stop loss at the end of the day need to be squared off 5 mins before market close. I was wondering if anyone proficient in the AFL language would be able to help me backtest this idea for trading the Nifty futures. Thanks a lot in advance. 
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