Initial Range breakout strategy
This strategy as the name suggests would trigger entry and exit when the high/low of the specified time frame is broken.
If the high is broken, a Long entry will be initiated and if low is broken, a short entry will be initiated.
Target and SL can be set in points or percentage, both options are provided.
Trailing SL is also provided and is optional.
The best part about the code is, irrespective of time-frame of the chart, you can choose the initial range in the code itself.
Example: You want to work on 15 min candle, and want to enter when High/low of first 15 min candle is broken, you can just set Initial range as 9:30 AM (Market opens at 9:15 am, thus the first 15 min candle will complete at 9:30 am).
Once the setting is done, if by mistake you plot charts of different time-frame say 1min candles, still the trade will initiate only after 9:30 am.
Similarly, we have also provided the option to square off your open position at your custom time (say 3:15 pm)
You can also choose No entry after a certain time.
If you choose No entry after 1 pm, then if the strategy generates Entry after 1pm, it won’t take any fresh position.
- Scan Enabled.
- Work on any time-frame
- Independent of time-frame of charts.
- Custom Exit timing enabled.
- Custom No entry after a certain time enabled.
- Trailing SL enabled (optional)
- Target and SL custom enabled (Points and percentage)
- Status Display Enabled