This is the popularly used Opening Range Break (ORB) indicator, where the Buy/Sell indications will be formed based on whether the Price breakout the high or low of the Specified Range.
Range Considered: First 15 mins (0915-0930) of the Indian Stock market
Use this in 15 mins timeframe, as the range considered is first 15 mins(0915-0930) of Indian market time.
Logic: 1) If the price crosses above the high of the specified range, then Buy 2) If the price crosses below the low of the specified range, then Sell
This strategy is based on the concept that, Opening price range determines the future price action. When the price crosses the range, it is likely to continue in that direction.
The following parameters can be modified as per user preference: 1) Range Time (Default: 0915-0930) 2) Target Profit % (Default: 0.13 %) 3) Stop Loss % (Default: 0.26 %)
Tested strategy with very good accuracy.
Can be automated completely without any manual intervention.
Yousuf