Discussing the article: "Introduction to MQL5 (Part 23): Automating Opening Range Breakout Strategy"

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Check out the new article: Introduction to MQL5 (Part 23): Automating Opening Range Breakout Strategy.

This article explores how to build an Opening Range Breakout (ORB) Expert Advisor in MQL5. It explains how the EA identifies breakouts from the market’s initial range and opens trades accordingly. You’ll also learn how to control the number of positions opened and set a specific cutoff time to stop trading automatically.

Consider a scenario in which the market opens at precisely 9:30 a.m. The M15 candle that begins to form at that moment is then your main focus. You take note of the candle's high and low prices after it closes, and this becomes your opening range.

After then, you wait patiently while switching to a shorter time range, like the 5-minute chart. A potential bullish breakout (price heading upward) is indicated if the price subsequently breaks above the high of that 15-minute candle. A potential bearish breakthrough (price heading lower) is indicated if the price falls below the low.

In simple terms, you are setting boundaries during the first fifteen minutes after the market opens and then keeping an eye out for your Opening Range Breakout (ORB), which occurs when the price breaks those parameters.

Figure 1. ORB

Author: Israel Pelumi Abioye

 
Thanks for sharing your ORB trading ideas, but please check your SELL / BUY condition seems that they are REVERSE or contrary with your definitions  ( i will also check it again ) comment says SELL but over ORB ?
 
Mustafa Nail Sertoglu #:
Thanks for sharing your ORB trading ideas, but please check your SELL / BUY condition seems that they are REVERSE or contrary with your definitions  ( i will also check it again )
maybe BUY signal "NOT completed ALL CONDITIONS" even ask/bid price xauusd- BUY over ORB over the ORB-upper line  ? 
 
Mustafa Nail Sertoglu #:
Thanks for sharing your ORB trading ideas, but please check your SELL / BUY condition seems that they are REVERSE or contrary with your definitions  ( i will also check it again )
Hello, Thank you for your kind words. The conditions are perfectly just as explained in the article, no errors.
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