Open Range Breakout or ORB, is a very common strategy for Intraday Trading, however this need to be coupled with other conditions to make this a profitable strategy.
Open range Breakout is to select a time frame from market open time and decide to enter intrady either when stock price crosses upward breaking Open Range’s high or go short when price going below the open range low.
My personal recommendation is to consider volume change with ORB to get better winning percentage. To know more about Open Breakout you can also check our another blog: Intraday Strategy
Below you will find the AFL code which will help new Amibroker developers to plot ORB on a daily chart. The ORB AFL also includes the Explorer code snippet, which will help you to test the values while running in explorer mode. Exploration is a must for all Amibroker developers to ensure the code is performing as expected and selecting values as you want. Explorer also helps to choose the stocks for trade when your specific condition met.
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Please share your feedback once you use the AFL for ORB design and or for Exploration.