Stretch 1.0

Metatrader (MT4/MT5) Indicator

"Over the last quarter century, the opening range breakout has been one of the most powerful and successful trading tools."
- Murray A. Ruggiero Jr
The Stretch is a Toby Crabel price pattern which calculates the minimum average price movement from the open price during a period of time, used to calculate two breakout levels for the day.
  • The indicator displays the stretch for the day
  • A moving average indicates the average stretch
  • Buy when the price breaks above the blue line
  • Sell when the price breaks below the red line
  • Do not trade a breakout twice the same day
Boost your trading returns with the one and only Toby Crabel's Stretch Metatrader Indicator available, like hundreds of users have already done!

Screenshots

The Opening Range Breakout Strategy

Using this strategy, the trader places a buy stop just above the open price plus the Stretch and a sell stop just below the open price minus the Stretch. The first stop triggered enters the trader into the trade and the other stop becomes the protective stop.

Crabel's research shows that the earlier in the trading session the entry stop is hit the more likely the trade will be profitable at the close. A market movement that kicks off a trend quickly in the current trading session could add significant profit to a trader's position by the close and should be considered for a multi-day trade.

Extending Crabel's research results it is obvious that as time passes and we are not filled early on then the risk increases and it becomes prudent to reduce the size of the position during the day. Trades filled towards the end of the day carry the most risk and the later in the day the trade is filled the less likely the trader will want to carry that trade overnight.

Opening Range Breakout Preference Strategy

An ORBP trade is a one sided Opening Range Breakout (ORB) trade. If other technical indicators show a strong trend in one direction then the trader will exercise a preference for the direction in which to trade the ORB trade. A stop to open a position would be placed on the side of the trend only and if filled a protective stop would then be placed.

The calculation of where to place the "stop to open" would be the same as that for the ORB trade: For longs, the Open price plus the Stretch and for shorts the Open price minus the Stretch.

Frequently Asked Questions
Does the indicator repaint?
Does the indicator implement alerts?