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Coding Heatmap Opening Range Breakout Strategy in Python — Part 1
The Opening Range Breakout Strategy
Opening Range Breakout (ORB) is a commonly used trading system by professional and amateur traders alike and has the potential to deliver high accuracy if done with optimal usage of indicators, strict rules, and good assessment of overall market mood.
Prerequisite:
- Intraday Strategy: Opening Range Breakout [Read in Details]
- Coding an Algo Trading Bot: BankNIFTY Golden Ratio Strategy
In this tutorial, We shall be seeing How you can code the “15 Mins Opening Range Breakout (ORB) Strategy using Python”. Also, We shall be applying this strategy to a selected range of stocks instead of all stocks. This variation of the ORB Strategy is called –
Heatmap ORB Strategy
Strategy
Any stock creates a range in the first x minutes (Here, We are taking 15 minutes) of trading in a day. This is called the Opening Range. The highs and lows of this timeframe are taken as support and resistance.
At 9:31, Check Top 5 Gainer and Loser.
- Buy 5 stocks that are in top5 gainers if the range breaks with SL at the day’s low
- Sell 5 stocks that are in top5 losers if the range breaks with SL at the day’s high
