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Open Range Break - 100% Mechanical

  • #41
  • May 6, 2014 5:50pm May 6, 2014 5:50pm
Quoting mario777
JM may i know what broker are you using? Thanks!
That MT4 broker in the pics above is Excel Markets - their Pro account has excellent spreads. Of course, I can't actually live trade through them since I'm in the US....
Small disciplines repeated with consistency lead to great achievements.
  • #42
  • May 6, 2014 6:46pm May 6, 2014 6:46pm
Quoting vox dei
{quote} You were ignored by a Holy Grail newbie. Wear it like a badge of honor
MT4/MT5 EAs/Indicators/Alerts coder
  • #43
  • May 6, 2014 10:36pm May 6, 2014 10:36pm
Quoting FerruFx
{quote}
Hey Ferru - not asking you to do it, but just want your advice. Are the requests I made in post #39 (http://www.forexfactory.com/showthread.php?p=7451770#post7451770) actually possible to code in MT4?

Thanks for the help -
Small disciplines repeated with consistency lead to great achievements.
  • #44
  • May 6, 2014 10:51pm May 6, 2014 10:51pm
Quoting jmflukeiii
{quote} Hey Ferru - not asking you to do it, but just want your advice. Are the requests I made in post #39 (http://www.forexfactory.com/showthread.php?p=7451770#post7451770) actually possible to code in MT4? Thanks for the help -
Yes. When rules are clear like you explained them, almost everything is codable.
MT4/MT5 EAs/Indicators/Alerts coder
  • #45
  • May 7, 2014 12:06am May 7, 2014 12:06am
I am afraid I can't get the current EA to behave properly. If you look at the attached chart you will see that it opened the trade as per instructions but it failed to close it at the bar with the yellow "X" below it. The trade stayed open until the close of the day.
Attached Image (click to enlarge)
Click to Enlarge Name: octatrader 1.png Size: 143 KB
  • #46
  • May 7, 2014 7:26am May 7, 2014 7:26am
Quoting FerruFx
{quote} Yes. When rules are clear like you explained them, almost everything is codable.
Thank you for the response -
Small disciplines repeated with consistency lead to great achievements.
  • #47
  • May 7, 2014 7:29am May 7, 2014 7:29am
Quoting bobha
I am afraid I can't get the current EA to behave properly. If you look at the attached chart you will see that it opened the trade as per instructions but it failed to close it at the bar with the yellow "X" below it. The trade stayed open until the close of the day. {image}
Correct its not working properly currently, according the rules of the strategy.

However, it does consistently fail - perhaps the current EA could be branched off into a separate OR fade the breakout - all that would need to be done is simply replace the target as the SL the the SL as the target.
Small disciplines repeated with consistency lead to great achievements.
  • #48
  • May 7, 2014 7:46am May 7, 2014 7:46am
Quoting jmflukeiii
Alright, awesome start, it enters at the right locations, unlike my version which I made which was randomly entering. I've attached a chart with notes. It would be great if we could do the following: Make the trade close at market when it closes on the wrong side of the OR from the trade. - I think this is pretty important to get right. Cancel any pending orders that are not filled once the clock strikes 11 EST (or whatever time). Once a trade completes to its target, it should not fill again on the same side of the OR (see second picture - the...
Try this version 1.1, it is still not exactly right but i need to go out now.

Let me know your findings and i'll try and address them later.

Regards

Mike
Attached File(s)
File Type: ex4 jmflukeiii.ex4   12 KB | 712 downloads
  • #49
  • May 7, 2014 7:48am May 7, 2014 7:48am
Quoting magft
{quote} Try this version 1.1, it is still not exactly right but i need to go out now. Let me know your findings and i'll try and address them later. Regards Mike {file}
Mike, thank you much - I'll get fiddling with it as soon as my morning session is over -

I appreciate you giving this a shot -
Small disciplines repeated with consistency lead to great achievements.
  • #50
  • May 7, 2014 11:28am May 7, 2014 11:28am
Mike - nice work, it's looking better:

 

  1. Trades are closing now for a loss on the CLOSE beyond the OR

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.m5.png Size: 34 KB

  1. Pending orders are getting cancelled at the end of the time frame

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.m5 2.png Size: 36 KB

  1. However, this trade hit target and then placed another pending order. I see there is a "1 TP per day" input. I assume that would eliminate the following order after hitting the PT. However, my testing procedure allowed for continued trades throughout the day, just if a PT had been reached on the short side, the next trade would HAVE TO BE a long. Another short could be taken, but a long would have to be taken first.

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.m5 3.png Size: 46 KB


Again, thanks for the work - it looks like its getting close.
Small disciplines repeated with consistency lead to great achievements.
  • #51
  • May 7, 2014 1:09pm May 7, 2014 1:09pm
Hi

In case of stop hits, is there a limit to the number of trades ?
  • #52
  • May 7, 2014 3:37pm May 7, 2014 3:37pm
Quoting jmflukeiii
Mike - nice work, it's looking better: Trades are closing now for a loss on the CLOSE beyond the OR {image} Pending orders are getting cancelled at the end of the time frame {image} However, this trade hit target and then placed another pending order. I see there is a "1 TP per day" input. I assume that would eliminate the following order after hitting the PT. However, my testing procedure allowed for continued trades throughout the day, just if a PT had been reached on the short side, the next trade would HAVE TO BE a long. Another short could...
Try this version 1.11 i think it solves the last problem, though it may still not be exactly correct so let me know.

Regards

Mike
Attached File(s)
File Type: ex4 jmflukeiii.ex4   11 KB | 937 downloads
  • #53
  • May 7, 2014 3:38pm May 7, 2014 3:38pm
Quoting TraderEd
Hi In case of stop hits, is there a limit to the number of trades ?
MaxTradesPerDay limits the number of trades, default is 5 trades as per post #1
  • #54
  • May 7, 2014 10:40pm May 7, 2014 10:40pm
Quoting magft
{quote} MaxTradesPerDay limits the number of trades, default is 5 trades as per post #1
Thanks for the update
  • #55
  • May 10, 2014 11:42pm May 10, 2014 11:42pm
Hi JMflukeiii
-Appreciate you taking your successes elsewhere and applying them in this field so we can maybe all benefit.
-Following system manually over last couple of weeks to see what practical issues involved. I tracked UK as well as US open. There has been a couple of instances where first close below or above "OR" was only 1 or 2 points ie less than a pip. In your stats in Post # 1, did you only include closes > 1 pip? If not I wonder what effect a small filter of say up to 5 points might have on the results to eliminate weak breakouts.
Cheers
John
  • #56
  • May 14, 2014 11:45pm May 14, 2014 11:45pm
I like your method, I'm looking at forex strategies in the direction of the day's open and they are all looking like what you mentioned in terms of hit rate and R:R. For more inspiration, you can take a look at Pipeasy and Peter Crown's threads on holding positions for obscene returns. Both of them utilizes a breakout strategy and diversifies to make sure their equity curves are smooth, they are also prepared to ride trends and not get off for years at a time while having adding positions even with a low hit rate.

Dibs
http://www.forexfactory.com/showthread.php?t=56907

Buy/Sell and hold
http://www.forexfactory.com/showthread.php?t=245149
  • #57
  • Edited 4:13am Jun 5, 2014 3:54am | Edited 4:13am
OP and EA coder went MIA.
Either they struck a holy grail with this strategy (implemented in closed source EA) or went bankrupt.
:: everything is awesome ::
  • #58
  • Feb 8, 2016 8:41pm Feb 8, 2016 8:41pm
what happened to this thread, is the strategy provided by the OP not profitable? just a waste of time reading it all if no more updates..
  • #59
  • Oct 12, 2016 12:06pm Oct 12, 2016 12:06pm
Quoting jmflukeiii
Some other stats, not sure if they are relevant or useful: If the first break of the OR was down, the most likely trade to be the big winner for the day was a short. Opposite for if the first OR break was up. 85.3% of the opening ranges were between the size of 3 and 6 pips. There were too few data points for large opening ranges, but I suspect that reducing target size (i.e. target a 2 or 3 multiple instead of 5 multiple) on larger opening ranges could improve expectancy 50.1% of entries reached a 2X multiple of the opening range. Unfortunately,...
Hi,
I have a suggestion. YOu may have tested this, but it is not hard to do. I do not have a proper testing program,, but I eyeball the chart. If you have stop orders say 1 pip + spread above the OR, and 1 pip below the OR, and the sell stop level it the SL for the buy stop level, and vice versa, then if the first trade entry does not reach the TP, you still have the opposite one to activate. So you could have one winner, (A) ,one winner and one loser, (B) or two losers. (D), You could also have a C outcome, where you placed SL at BE say after 1.5:1. If you risk 10% per trade, and go for 2:1, then the winner (A) is +20%, the loser (D) is -20%, and the in between one (B) will be +10%. One could also have two stop orders per side, each one at 5% risk, and have one TP at a predetermined R:R, and one trailed. I am keen to get help to work out several currencies and possibilities , especially at NY open, because that is when I can trade. I am looking a G/J at the moment, 13.20-14.15 chart time as the opening range. ( subtract two hours for London time or add 7 hours for NY time).
  • #60
  • Last Post: Jul 23, 2019 2:22pm Jul 23, 2019 2:22pm
[quote=jmflukeiii;7445556]If I gave you a coin and every time you flipped heads...

Hello. Jmflukeiii. I just left TradersExpo, and watched a very intriguing presention from Boris Schlossberg of BKForex, about algo trading. I trade the opening range breakout, on higher timeframe charts. I would love to hear if you developed your OR strategy any further since this post was written. I would love to try it out on MT4, backtesting and demo first. I never wrote an EA before, not sure where to start haha! Any info you have would be greatly appreciated! Thanks!
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