New edge proposed: opening_range_breakout_with_prior_day_midpoint_bias — E8 Intelligence Research

{ "name": "opening_range_breakout_with_prior_day_midpoint_bias", "source": "Linda Raschke / Larry Williams 2014 opening range breakout with prior day midpoint as intraday directional bias", "type": "entry_engine", "rule": "On the 5-minute chart, if the first 30-minute opening range's high is broken and the prior day's close was above the prior day's midpoint (high+low)/2, then go long with a stop below the range low and target at 1.5 times the range height; if the low is broken and prior close was below prior day's midpoint, short with stop above range high and target 1.5 times range height.", "pseudocode": "for each day: OR = first 6 bars (30 min) prior_mid = (prev_high+prev_low)/2 if prev_close > prior_mid: if high of bar > OR.high: entry_price = OR.high + 0.1*ATR stop = OR.low target = entry + 1.5*(OR.high - OR.low) trade long if prev_close < prior_mid: if low of bar < OR.low: entry_price = OR.low - 0.1*ATR stop Author: Andrew Stewart Caldin, Independent Researcher, UK. Part of the E8 Intelligence Research series. Platform: e8intelligence.com