Software for Analysis - Toby Crabel's Opening Range Formula in STRATEGIES & PLANS - This information is only available in Tony Crabel's, "Day Trading With Short Term Price
Patterns and Opening Range Breakout". This ...
06-22-2011 02:03 PM
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 - 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?
07-14-2013 06:49 PM
sir what is the time frame u mean in this technque pls mention it becoz i know one intraday technq same like this with additional formula for calculating stoploss and target
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