Open Range BreakOut Study (ORBO) was designed for an OTA MasterMind student to harness the ability to trade multiple assets simultaneously and to minimize morning setup time. ORBO has now been fully automated for Entries and Exits using advanced object oriented coding and algorithms.
This study has the flexibility to do multiple breakout styles depending on the Traders ORBO strategy. If a Trader so chooses to do a five minute ORBO, the Indicator can simply be changed in the inputs to accommodate this. This is also true if the Trader wishes to use a 15 minute or even a 30 second ORBO strategy.
This indicator only runs between the user Inputs iBrkOutTime & iStopTime and then lays dormant until 6pm where all the internal variables reset themselves for next day of processing.
At iBrkOutTime each new day, the indicator comes to life and the lines are created instantly at the ORBO candlestick. At the close of each bar the lines are extended. Initially, however, the Right Extension is applied to the lines so that they fully extend to the right of the chart providing clear visual for the Breakout. iExtensionTime allows you to control/alter how long you want to Right Extend these lines and will help keep your charts cleaner. It is favorable to ensure iStopTime is greater than iExtensionTime.
ORBO Article
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Disclaimer
NASDAQ (NQ) 15 Min ORBO Quick Setup
Crude Oil (CL) 5 Min ORBO Quick Setup
S&P (ES) 1 Minute ORBO Quick Setup
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Algo Chart Pro is a software company. We are not in the business of providing financial or investment advice, nor are we registered with the proper authorities to do so. The product we provide (both the software and its associated documentation, examples, etc.) is for educational purposes only and should never be construed as providing trading or investment recommendations or advice. Any decisions you make using this product are made at your own risk and are yours and yours alone. Remember that trading is inherently risky, and traders may sustain losses greater than their investments regardless of which asset classes are traded. Before trading, carefully consider the risks involved in light of your financial condition and never trade money you can't afford to lose.
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