Chews Opening Range Breakout - Fibonacci
Visual tool for taking a Fibonacci retracement-backed opening range breakout.
How it works:
Recommendations:
Extra Notes:
I drafted this simple code to help me visualize automating this strategy.
"That's spoicy!"
ToDo: Add an optional two-sided ORB. Higher chance of success since it is meant for reversals.
How it works:
- Short a first red candle. Long a first green candle.
- You decide which Fibonacci % you prefer your stop loss to be, the plot and label will represent your decision.
- Fibonacci logic is close --> open.
Recommendations:
- Use a lower time frame interval like 3m.
Extra Notes:
- On higher priced stocks, you may see some discrepancy (~$0.1!) when plotting a Fibonacci Retracement compared to the suggested stop loss.
- Since this discrepancy happens on inherently more volatile stocks, I have chosen to neglect the discrepancy instead of going for point perfect stop loss exits.
- Realistically, it won't matter unless you get very unlucky.
- Fibonacci drawing is not a feature of what this indicator plots. It's there for reference, but I can add if requested.
I drafted this simple code to help me visualize automating this strategy.
"That's spoicy!"
ToDo: Add an optional two-sided ORB. Higher chance of success since it is meant for reversals.
發布通知:
Changes:
You may notice a lot of commented code. That's because of the following ToDo's:
- Removed quantity since it makes no difference to any logic (Can bring back if visually convenient).
- Defaulted wick consideration for the Fibonacci to true because they are part of the opening range. Entry will thus be the high/low of the candle, respectively.
- If wick consideration is false, the entry will be the close/open of the candle, respectively.
- Added an option for the profit target to just be the candle w/out the wicks range considered.
You may notice a lot of commented code. That's because of the following ToDo's:
- Add Ghost line which draws high/low to trade off of within the day.
- Add second side of the ORB to visualize reversals.
發布通知:
Updates.
Unless further requests are made, these are all the changes I am planning on making for this indicator.
- Option to see both entry sides of an ORB (a double-sided ORB).
- Optional ghost lines have been added for the high/low of the first candle's range.
- Labels have been restyled to be at the left of the first candle, instead of on top of/below the first candle.
- Width default is now 2 to make it more readable.
- Stop loss color default is now yellow for easier identification.
Unless further requests are made, these are all the changes I am planning on making for this indicator.