Open Range Strategy With Multi TakeProfit

The Open Range Strategy indicator tool implements a classic trading approach that identifies the high and low price levels within a specific opening period to determine potential breakout opportunities. It captures early market momentum by marking these reference points and providing automated strategy execution with modern risk management features.

Usage

The indicator can be used to trade breakouts from any user-defined opening session. Once the initial range is established, a break above the high signals a potential long entry, while a break below the low signals a potential short entry.

To use the tool effectively:

• Define the Range: Use the Session Settings to set the time window (e.g., the first 15, 30, or 60 minutes of a session) that will act as the reference range.
• Set Trading Windows: Use the Trade Session feature to restrict entries to specific hours. All positions are automatically closed when this session ends to ensure an intraday approach.
• Manage Risk: Choose between two stop-loss methods: "Middle of Range" for a tighter exit or "Top/Bottom of Range" for a more conservative buffer.
• Scale Out: Activate up to two Take Profit (TP) targets based on Risk-to-Reward ratios. You can customize the percentage of the position to close at each target.

Details

The strategy calculates the opening range dynamically based on the high and low prices within the specified time window. It includes advanced logic for multi-stage exits and automated breakeven adjustments. When a Take Profit target is reached, the script can automatically move the stop loss to the entry price if the "Breakeven" setting is enabled, protecting accumulated gains.

Settings

Session Settings

• Range: Defines the time period used to calculate the session's high and low levels.
• Timezone: Sets the reference timezone for the session calculations.
• Trade Session: Defines the active window where the strategy is allowed to open and maintain trades.

Strategy Settings

• Position Type: Determines if the strategy should take Long, Short, or Both types of breakout signals.
• SL Type: Selects the calculation method for the stop loss (Middle of Range or Range Edges).
• Trade With Only First Breakout: When enabled, the strategy will only take the first breakout of the session and ignore subsequent signals.

TP1 & TP2

• Activate: Enables or disables the specific Take Profit target.
• Ratio: Sets the Risk-to-Reward ratio used to calculate the TP price.
• Size (%): Determines what percentage of the total position should be closed at this target.
• Breakeven (TP1 only): If enabled, moves the stop loss to the entry price once TP1 is hit.

FAQ

How do I access Open Range Strategy?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Can I use this for any timeframe?

Yes, the script works on any timeframe, but it is primarily designed for intraday trading on lower timeframes like the 1m, 5m, or 15m charts.

What happens if the price hits both the range high and low?

Depending on your "Position Type" and "Only First Breakout" settings, the strategy can either take both trades or restrict itself to the very first direction that was triggered.