Tony Crabel's Opening Range Formula

[kirthi1987]

Dear chitan,

error has occured pls send me the coorect code afl pls.........

regards
kirthi:thumb:

Dear chintan ,

this is error what i am getting pls rectify this

 

[sankar17f]

The corrected code is
Plot( 2, "ribbon",RibbonColor,styleOwnScale|styleArea|styleNoLabel, -1, 100 );
There should be NO GAP between style and NoLabel

enjoy

eventhough i have corrected the gap after posting the gap reappears. hence remove the gap by editing AFL code in AMIBROKER. it works fine.

 

[dryheat]

Dear All,
For your back testing purpose, I am attaching 1 minute Nifty Future IEOD data file here.
The Data is from 01may2009 to 31may2009 (1-month)
Sorry for only One month data, only 100kb upload limit
the Data is in ASCII format
Time Frame is 1 Minute
Enjoy
Yours,
tkamal

tkamal,
Thank you for providing the sample data. With this I was able to make affective modifications to the code which enables breakout and profit target levels for the sample data you provided. The file is attached below.
You will need to access the parameters dialog and change the 'India Market?' parameter to 'YES', then access the "Market Open' and 'Market Close' parameters and set them accordingly.
Market Open = 09:55 AM
Market Close = 15:30 PM

I don't not know how the price patterns have been affected by these changes so you should manually calculate them in a spread sheet and confirm they are accurate. Also, I was not able to get all the explorations to work correctly. Only the 'OHLC' exploration works, which will come in handy so you can export these values to a spread to manually calculate the various levels and price patterns to verify their accuracy.

This modified code may also be affective for other markets, but I have not tested this on any other data.

Well, let me know how it works out.
Good trading everyone.

Dry

 

[milind2754]

this new afl is now working for indian market on 1,5,10,15,30 min timeframe by setting parameter india market -yes and market open 9.55 am and market close 3.30 pm

 

[ag_fx]

this new afl is now working for indian market on 1,5,10,15,30 min timeframe by setting parameter india market -yes and market open 9.55 am and market close 3.30 pm

Milind, if u can run this afl for indian markets and come out with a strategy testing result, it wil be good. i have no clue about afl working and wud request u to test it if u can.

Happy Trading

 

[lazytrader]

Re: Toby Crabel's Opening Range Formula

This information is only available in Tony Crabel's, "Day Trading With Short Term Price

Patterns and Opening Range Breakout". This is a mathematical formula used to play the

opening range breakout. If you are unfamiliar with this method it may sound complicated

but bear with me.

First Step: you get the (High - Open) and the (Open - Low)

For example: Let's take the S&P 500 emini contract

High: 1294
Low: 1281.5
Open: 1290.50

(High - Open) = 3.5
(Open - Low) = 9

2nd Step: You take the minimum of the two numbers. In this example the minimum would be

3.5.

3rd Step: Add the minimum for the last 10 trading days and divide it by 10. So you would

add 3.5 to the minimum of the previous 9 days. In total you will have 10 numbers. Divide

that by 10 to get the average.

4th Step: For example, let's say you get a 10 day average of 2.5. You simply play the

breakout of the opening range. If prices open up at 1293, you would buy a breakout above

1295.5 and short a breakdown below 1290.50.

Simple and easy. I have not tested this to work but I know this was a famous opening break

method amongst the professionals for many years. Alot of traders still use this method.

Some may chose to take the 10 day average minimum and multiply it by 1.1 or 1.2 to make

slight adjustments to the markets they are trading.

This is what im looking for, Is there some AFL out there that implements this rule?

Br

I havent read Tony Crabel's book but it seems that from this method you simply get a number that you apply to the opening range. Wouldn't it be the same if one were to take a percentage of the atr lets say .05% and apply it to the opening range?

Can someone please explain if am missing something?

 

[kirthi1987]

this new afl is now working for indian market on 1,5,10,15,30 min timeframe by setting parameter india market -yes and market open 9.55 am and market close 3.30 pm

Dear milind

i can't c breakout levels for stocks only i am geeting for nifty
pls clarify

 

[dryheat]

Dear milind

i can't c breakout levels for stocks only i am geeting for nifty
pls clarify

Try this one. I tested it on the Nifty but not other stocks, works in several time frames.
Click Here

 

[ag_fx]

Try this one. I tested it on the Nifty but not other stocks, works in several time frames.
Click Here

DH,
do you have any results to share on Nifty backtesting?Any charts/stats please?

 

[Shreenath]

Hello Dryheat,
Do you have this code for tradestation too? I have Toby's book; read it a while ago...concepts work very well for range contraction, range expansion and the like in all time frames.

Thanks so much
Shreenath