EA Based on a open range

Purpose

Trade the Opening Range Breakout at a configurable market session open (default: New York Stock Exchange 9:30 AM EST).

Required Inputs

Session & Range

• Session Start – Options:

  1. New York Open (9:30 AM EST) – EA automatically converts this to broker/server time.

  2. London Open (3:00 AM EST) – EA automatically converts this to broker/server time.

  3. Custom Start Time – User-defined session start (entered in broker/server time; EA automatically converts to EST).

• Open Range Timeframe – Selectable (e.g., 1min, 5min, 15min, etc.)

• Execution Timeframe – Timeframe used to trigger trades (e.g., 5min, 15min, 30min, etc.)

Entry Trigger Type

• By Wick – Trade triggered immediately when price breaks the high or low of the open range.

• By Candle Close – Trade triggered when a candle closes above/below the open range high/low.

• Retrace on Candle Close – Trade triggered when a candle closes above/below the open range, then retraces back to retest the high/low.

• % Entry – Trade triggered when price touches the open range high/low, then retraces into the range by a set percentage.

  • Example: If input = 50%, price must first break the high/low, then retrace back to the 50% level of the open range before entering.

Risk & Targets

• Take Profit (TP) – Extension level of the open range size (e.g., if set to 50%, TP = 50% of range size).

• Stop Loss (SL) – Retracement level of the open range size (e.g., if set to 50%, SL = 50% of range size).

Trade Control

• Maximum Number of Trades – Limits how many trades the EA can execute per session.

• End Time – Cutoff time after which no new trades are taken.

• Days of the Week – Select which days the EA is allowed to trade.

Lot Size Calculation

• Position Sizing Mode:

  1. Fixed Lots – User enters a fixed lot size for each trade.

  2. % Balance Risk – EA calculates lot size based on account risk percentage and the distance between entry and stop loss.

     • Example: Risk = 2% of account balance; SL = 50 points; EA calculates the lot size so that max loss per trade = 2% of balance.