Opening Range Breakout (ORB) - Intraday Trading System

Discussion in 'Day Trading' started by Cubt, Sep 23, 2013.

  1. Cubt

    Cubt Well-Known Member

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    Amit,

    If any trade is exited in middle of trading session due to stop loss, we need to change that to EOD price? could you please explain me with example.. am not getting your points
     
  2. jamit_05

    jamit_05 Well-Known Member

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    No.. that is not what I meant. What I mean is:

    Consider a trade in which my SL is 50 points away. Then my Risk (R) is 50 points. So when I want to exit at 1R, my exit is 50 points positive of my entry. Hence, an exit at +1R (inversely, my SL hit would be an exit at -1R). Similarly, for 0.50R.

    On that other hand, if SL not hit and nor has 1R then exit at EOD.

    In that way I wanted to see DD and profits for two Exit settings:

    1) With all exits to 1R or EOD. And
    2) With all exits to 0.50R or EOD.
     
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  3. Cubt

    Cubt Well-Known Member

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    Got your point, so we are trying to exit the profitable trade at 1R/0.5R, if it was not triggered we will exit at EOD price.
     
  4. jamit_05

    jamit_05 Well-Known Member

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    Yes. This will make this strategy purely intraday. If the base appears solid then discretionary modifications could be made.
     
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  5. Cubt

    Cubt Well-Known Member

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    rk,
    you mean, we need to track the day's high when we are long and day's low when we are short? am not sure how do i get these value from amibroker.. i will figure it out
     
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  6. Cubt

    Cubt Well-Known Member

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    Fine Amit, i need to tweak the code. As Happy Singh is busy, i need to figure out a way myself to add this modification.. i will work on it and update the group shortly
     

  7. rkkarnani

    rkkarnani Well-Known Member

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    I am under the impression that this is an Intraday strategy only. :eek:
    Now your interaction with Amit tells me trades seem to be carried overnight too. I shall go through the thread and trade result again. :p

    But your heading says its Intraday trading system ! Please clarify on this ! :)
     
  8. eq24

    eq24 New Member

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    Hey Cubt,

    This is a great strategy and I am back testing manually on last two days and also on the very variable thursday and friday when markets shot up and fell down and even then this provides good trades once the market settles.
    I want to try this on Nest Plus, could you help me with the code aspect. I got the bit on the EMA's but the conditions after that and also trying to incorporate a RSI component will make this strategy quite workable.

    Thanks
     
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  9. Cubt

    Cubt Well-Known Member

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    it is a intraday system
     
  10. Cubt

    Cubt Well-Known Member

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    Eq,
    Am not good at coding, yet to learn it. And yes, it is a very good intraday system. If one can withstand the continues drawn down, then it can make a great returns in in the long run.
     
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