Open Range EA 3.0
Metatrader Expert Advisor (MT4)
The PZ Open Range EA is a Metatrader Expert Advisor that trades using Toby Crabel's opening range breakout strategy and can trade almost and instrument.
- Easy to use and supervise
- Fully configurable settings
- Customizable take-profit and trailing stop
- Built-in money management
- Works for ECN/Non-ECN brokers and 2-3-4-5 digit symbols
- Trading can be FIFO (NFA) Compliant
Boost your trading returns for free with the PZ Open Range EA, like hundreds of users have already done!
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.
What is the stretch?
The Stretch is a Toby Crabel price pattern which represents the minimum average price movement/deviation from the open price during a period of time, and is used to calculate two breakout levels for every single trading day. It is calculated by taking the 10 period SMA of the absolute difference between the open and either the high or low, whichever difference is smaller. This value is used to calculate breakout thresholds for the current trading session, which are displayed in the indicator as two lines.
Download the PZ Stretch Indicator for free
- ≡ Input parameters
When loading the indicator or EA to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks.
- This group of settings applies to trading decisions and trade management. You can customize the break-even level, trailing-stop, take-profit, the stretch indicator parameter and the behavior of the EA once a trade has been executed.
- Money Management
- In this settings block you can set the lotsize for the first trade, or allow the EA to calculate it by itself. I always recommend setting a manual lotsize for each trade.
- EA Settings
- You can select the magic number for the trades, custom comment and manual pip value if you need to override the one the default one. Do not change these unless you know what you are doing.
- ? FAQ
- Is the EA NFA/FIFO Compliant?
- It is not by default, but if the EA cancels pending orders when a trade it taken, it will be. You can enable this behavior in EA inputs.
- Do I need a VPS to run the EA?
- Yes, you do. Or having your home computer turned on 24/5.
- Can I interfere with the trades of the EA?
- Yes, you won't cause the EA to missbehave.
- Will this EA interfere with other EAs running in my account?
- No, it won't.
- ✎ Comments
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