Tony Crabel's Opening Range Formula

[THE LORD]

mr dryheat i tried this formula today its awonderful formula and its give perfect results but i have sugeistion if we make the breake on daily and 1 hour its will good worke
from my experince the daily breake out is the strongest breakr for the intradaily data i have intradaily data for 4 months so if we change it to adaily breake out it will good worke

 

[chintan786]

Thanks DryHeat.. its working.. except the green bottom line..and long target and shrt target figs.

 

[dryheat]

mr dryheat i tried this formula today its awonderful formula and its give perfect results but i have sugeistion if we make the breake on daily and 1 hour its will good worke
from my experince the daily breake out is the strongest breakr for the intradaily data i have intradaily data for 4 months so if we change it to adaily breake out it will good worke

Let me make sure I understand your request. Are you asking to change the formula so that you can view the same breakout levels on a 1 hour time frame instead of 3,5,10 and 30 minute time frames?

Dry

 

[THE LORD]

yes im asking to change the fomula but if we make the breake out on daily not on 1 hour
it will be better because the break out on daily is much stronger rather than the intradaily.

 

[dryheat]

yes im asking to change the fomula but if we make the breake out on daily not on 1 hour
it will be better because the break out on daily is much stronger rather than the intradaily.

Well the code is specifically created to calculate DAILY breakout levels and price patterns. It does this within an intra-day environment but the calculations are certainly intended to reflect the same values you would achieve on a DAILY time frame.
I was very careful to compare the values calculated on a daily chart with those calculated by my code from with an intra-day environment. If you build a spread sheet similar the one attached and input your OHLC from daily time frame the code I created should be giving the same values as those calculated in the spread sheet.
FYI, the attached spread sheet is from work I am doing on a weekly ORB formula but you can simply replace the OHLC data with daily values.

I had to delete an image from a previous post to make room for the spread sheet. Anyone know how I can avoid having to modify previous posts due to exceeding my file quota?

Dry

 

[dryheat]

I felt in important to let you know the changes I made to v1.3 of my ORB Amibroker formula can affect the breakout calculations in a adverse way IF you not using the appropriate rounding parameters for the security you are charting.

Rounding should be applied based on the minimum tick value of the security you are charting. If min tick is 0.25 than apply the futures rounding with 2 for the decimal places and nearest quarter. If min tick is 0.01 than apply stock rounding with 2 for the decimal places. Forex would require Forex rounding with 4 decimal places.

If you see an unequal difference between the light green and pink breakout bands, this may indicate you are applying a rounding method inconsistent with the security in your chart. Please be sure to apply the an appropriate rounding method suited to each security you are charting.

One implication of this is the explorations will not be affective when running against a mixed group of Futures, Stocks and Forex instruments.

My apologies, I did not notice the significance of adding the rounding functionality until examining this morning's market open.

Dry

 

[chintan786]

I felt in important to let you know the changes I made to v1.3 of my ORB Amibroker formula can affect the breakout calculations in a adverse way IF you not using the appropriate rounding parameters for the security you are charting.

Rounding should be applied based on the minimum tick value of the security you are charting. If min tick is 0.25 than apply the futures rounding with 2 for the decimal places and nearest quarter. If min tick is 0.01 than apply stock rounding with 2 for the decimal places. Forex would require Forex rounding with 4 decimal places.

If you see an unequal difference between the light green and pink breakout bands, this may indicate you are applying a rounding method inconsistent with the security in your chart. Please be sure to apply the an appropriate rounding method suited to each security you are charting.

One implication of this is the explorations will not be affective when running against a mixed group of Futures, Stocks and Forex instruments.

My apologies, I did not notice the significance of adding the rounding functionality until examining this morning's market open.

Dry

Hi dryheat.. First of all thanks for ur guidence to use this afl.. now i have 1 request... i want to use the same for daily charts and 15mins charts also... plz let us know wht to do or how to tweak this.

thanks in advance,

regards,

Chintan:thumb:

 

[THE LORD]

its aperfect formla but alot can get alot of advantege if the breake on daily

 

[dryheat]

Hi dryheat.. First of all thanks for ur guidence to use this afl.. now i have 1 request... i want to use the same for daily charts and 15mins charts also... plz let us know wht to do or how to tweak this.

thanks in advance,

regards,

Chintan:thumb:

The formula I provided shows breakout levels which are calculated based on the Daily Open, High, Low and Close. It calculates the same breakout levels regardless whether you select 3, 5, 10, 15 or 30 minute time frame. So your request for a version that covers the 15 minute chart is already fulfilled in the original formula without any changes required.

Each day's breakout levels are calculated as soon as the very first bar of the trading day is filled on your intra-day screen. Since each day's breakout levels are not known until the opening of each trading day, and each day's breakout levels expire at the end of each day, this means the daily breakout levels can only be plotted in an intra-day time frame. They cannot be plotted on a daily chart in any meaningful way. For this reason I am puzzled by your request for a version of the code which works on a daily chart. Perhaps I am not understanding your request so please provide a picture of a chart with lines displaying what you expect to see.

its aperfect formla but alot can get alot of advantege if the breake on daily

Once again I am puzzled by the request to plot the daily breakout levels on a daily chart. Please post a picture showing what you expect to see so I can better understand what you are requesting.

Dry

 

[chintan786]

Thanks dryheat..... may be i don't have enough intraday data to plot levels in 15mins charts or any chart lower than 30mins TF.......as i am getting all required levels in 30 mins and hrly charts only.... no matter.. its ok..... regarding Daily charts.. i have seen some time back... some darvos box afl.. which plots this kind of thing in Ami.. but using tht is all together complete different thing.....