ORB Williams FPO
The ORB-Williams FPO trading robot is the result of combining different Opening Breakout Ranges including the Toby Crabel Opening Range Breakout (ORB) strategy with additional trending indicators for a better entry signal, with the Larry Williams First Profitable Opening (FPO) exit to close the trade.
You can see the result of my real account operations in Signals: https://www.mql5.com/es/signals/1481106?source=Site+Signals+Favorites
The Opening Range Breakout (ORB) is a range of price variation, which for each session, it generates a combination of support and resistance levels, positioning itself in favor of breaking out of the bands, when it is exceeded on the upside is a signal to buy or enter long and when it is exceeded on the downside it is a signal to sell or enter short.
These levels depend notably on a couple of parameters that the system has, so depending on the value that we give to these parameters, the results of the system can vary considerably. The parameters in question are “no_trade_hour” and “trade_hour”. These two parameters, although they are integers, actually represent the time of day.
The system uses 4 range calculation methods: Pivot Point; Crabel; MaxMin; MaxMin Pivot.
The system opens a position from the time marked by the “open_hour” parameter and when the price breaks support or resistance in the direction of such breakout.
FPO is the acronym for First Profitable Opening or, what is the same, first profitable opening. This is an exit pattern, not an entry pattern, that is, it would be used once we are already inside the market. According to Larry Williams, the exit strategy is one of the most important aspects of short-term trading.
The FPO consists of closing the position at the first opening of the bar or the first candle in which the position is in profit, that is, whenever the opening of the candle is above the level that we buy or whenever the opening of the candle is below the level we sold.
Once inside the market, we also prepare the system to undo the position if it reaches the time set by the "open_hour" parameter or if the price exceeds the stop loss defined with the “StopLoss” parameters.
To set the SL we prepared 3 different strategies: Based on ORB; Based on ATR; Based on Amount of Pips.
The system does not allow more than one trade per session, so once the entry order is executed, no new trade is made until the position is closed, due to a take profit, stop loss or FPO condition.
With this pattern, what is achieved is a very high percentage of successes, but for this it is necessary for the system to place the stop loss at a correct distance, not too far away because with a loss it could "undo" all the profits made, not too far close because it would execute many more times and would not give the price a run to reach the profitable opening.
1. The robot observes every tick of the price change, making trading decisions at any second of trading sessions;
2. Money Management and risk functionality;
3. Several options to determine SL and TP;
4. Strategy customizable parameters;
5. Send email after each trading execution;
IMPORTANT! Contact me immediately after purchase for instructions.
I am ready to help each buyer to install and configure the advisor.
If you have never used EA before, I will show and teach you how to use it.