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Opening Range Box with Breakout Labels

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Overview
This strategy automates the classic Opening Range breakout trading technique by identifying the price range during a specified initial time window (the "Opening Range") each trading day, and then triggers trades when the price breaks out above or below this range. It draws a visual box around the opening range for clarity and provides breakout signals with configurable take profit and stop loss levels expressed in pips.

Key Features
Configurable Opening Range Time Window:
Define the start and end time of the opening range session using hour and minute inputs (24-hour format). For example, you can set it to capture the first 15 minutes after market open.

Extended Box Display:
Optionally extend the opening range box display by a configurable number of hours beyond the initial range period for ongoing visual reference.

Opening Range Box Visualization:
A semi-transparent colored box is drawn on the chart representing the high and low price of the opening range period, updating dynamically as the session progresses.

Breakout Detection & Entry Signals:
The strategy detects breakouts once the opening range session ends (including the extended period). It places:

A long entry when the price closes above the opening range high.

A short entry when the price closes below the opening range low.

Take Profit and Stop Loss in Pips:
You can define your desired take profit and stop loss levels in pips, allowing consistent risk management tailored to the instrument's pip value.

Visual Breakout Labels:
Up and down arrow labels appear on the chart at breakout points to clearly mark trade signals.

Max Breakout Labels Limit:
Limits the number of breakout labels displayed on the chart to avoid clutter.

Feragatname

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