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Closing Price (daily, hourly...) is considered an important point, as it defines the consensus price (or value area) beween the bulls and bears. Often, after the hourly close, the market decides to resume the trend or reverse in the opposite directon. This creates opportunity for scalping the market.
We define the hourly Opening Range (OR) as the Hi-Lo range of the first candle (M1, M5 or M15). On the attched chart OR is shown as the gray dashed lines. To avoid false breakouts we add [e.g. 2-PIPs] buffer above & below the OR, which give us the entry levels (green and red dashed lines).
We place a trade when the market breaks-out from the opening range and closes above/below the OR plus the buffer. I.e. we enter a long trade above the green dashed line; and a short position below the red dashed line.
Once we have an open position, we have four target levels (long/green and short/red dotted lines), all equal distance (which = OR).
If you look at the attached picture you will see that it is not a perfect system. As is, it will generate approx one signal per hour, but with questionalble hit rate. We need to think of some good filter/confirmation to improve the hit rate. Let me know what you think.
Opening_Range_Hourly.mq4 is an indicator that gives us the entry levels
Opening_Range_HT.mq4 is a separate indicator that gives us the profit target levels.
Linear Mode
