ORB Strategy - Fixed TP/SL - AJK

📈 Designed for precision trading within market hours

Overview
The Opening Range Breakout (ORB) Strategy is a price-action-based approach that capitalizes on market momentum after the initial opening range is established. This strategy identifies breakout levels based on the first 30 minutes of trading and executes trades with predefined Take Profit (TP) and Stop Loss (SL) levels.

Key Features
1️⃣ Opening Range Calculation

The strategy identifies the highest and lowest prices from the first 30 minutes of the session (default: 9:30 AM - 10:00 AM EST).
These levels serve as breakout points for potential trade entries.
2️⃣ Trade Execution After ORB Establishment

Trades only trigger after the ORB session ends (regular trading hours: 10:00 AM - 4:00 PM EST).
A long trade is executed if the price closes above the ORB high.
A short trade is executed if the price closes below the ORB low.
3️⃣ Fixed Take Profit & Stop Loss

Take Profit: 0.5% above/below the entry price.
Stop Loss: 0.15% below/above the entry price.
Configurable via takeProfitPercent and stopLossPercent inputs.
4️⃣ Automatic Position Closing Before Market Close

All open positions are closed before 4:00 PM EST to avoid overnight exposure.
5️⃣ Real-Time ORB Level Visualization

ORB high and low levels are dynamically plotted on the chart for easy reference.
How It Works
📌 Step 1: ORB Establishment
From 9:30 AM to 10:00 AM, the strategy tracks the highest and lowest price.
Once this session ends, these values remain fixed as breakout levels.
📌 Step 2: Trade Execution (Breakout Confirmation)
After 10:00 AM, trades are executed based on price movement relative to the ORB levels:
Long Entry: If the price closes above the ORB high, a buy position is initiated.
Short Entry: If the price closes below the ORB low, a sell position is initiated.
📌 Step 3: Risk Management (TP/SL Logic)
The strategy dynamically calculates Take Profit (TP) and Stop Loss (SL) levels for each trade:
Long Trade → TP = 0.5% above entry price, SL = 0.15% below entry price.
Short Trade → TP = 0.5% below entry price, SL = 0.15% above entry price.
📌 Step 4: Auto-Close Before Market Close
At 4:00 PM EST, all open positions are force-closed to prevent overnight risks.
How to Use the Strategy
✔️ Apply on a 5-minute chart for optimal performance.
✔️ Modify the session times (sess and regularMarketHours) to fit your market's schedule.
✔️ Adjust TP/SL values to suit your risk tolerance.
✔️ Backtest using TradingView's Strategy Tester before live trading.

Why Use This Strategy?
✅ Automated breakout trading based on market structure.
✅ Disciplined risk management with fixed TP/SL.
✅ Avoids overnight risk by closing all positions before market close.
✅ Clear visual representation of ORB levels for decision-making.