Trading Strategies from Active Trader Magazine

Opening Range Breakout

This system requires MetaStock 8.0 or later to set the correct trade size and entry price. To create this system:

  • Select the Enhanced System tester from the Tools menu
  • Click New
  • Enter the name of the system
  • Select the Buy Order tab and enter the following formula:

    H >= O + ATR(21)

  • Set the order type to Stop Limit
  • Enter the following formula for the Limit or Stop Price:

    O + ATR(21)

  • Set the enter size dropdown to "% of available equity"
  • Enter a 1 in the space to the right of the entry size
  • Select the Sell Order tab and enter this formula:

    base:= c-Simulation.CurrentPositionPointDifference;
    move:=base*0.03;
    L<base-move OR H>base+move

  • Set the order type to "Stop Limit"
  • Click the italics f to the right of the space for the entry size
  • In the window that appears, enter the following formula:

    base:= c-Simulation.CurrentPositionPointDifference;
    move:=base*0.03;
    If(L<=base-move, base-move, base+move )

  • Select the Sell Short Order tab and enter the following formula:

    L<= O-ATR(21)

  • Set the order type to "Stop Limit"
  • Enter the following formula for the Limit or Stop Price:

    O-ATR(21)

  • Set the enter size dropdown to "% of available equity"
  • Enter a 1 in the space to the right of the entry size
  • Select the Buy to Cover Order tab and enter this formula:

    base:= c-Simulation.CurrentPositionPointDifference;
    move:=base*0.03;
    l<=base-move OR h>=base+move

  • Set the order type to "Stop Limit"
  • Click the italics f to the right of the space for the entry size
  • In the window that appears, enter the following formula:

    base:= c-Simulation.CurrentPositionPointDifference;
    move:=base*0.03;
    If(H>=base+move, base+move, base-move )