5-Minute Opening Range Breakout

29. Sept.

The 5-minute buy and sell indicator is designed to detect potential buy ("Long") and sell ("Short") signals based on the first 5 minutes of trading activity. Here's how it works:

5-Minute Opening Range: It tracks the high and low of the first 5-minute candle after the market opens. This range establishes key support and resistance levels.

Buy Signal ("Long"): When the price breaks above this range and retests the level, a "Long" signal is triggered, indicating a potential upward trend.

Sell Signal ("Short"): Conversely, if the price breaks below the range and retests, a "Short" signal is triggered, suggesting a potential downward trend.

Retests & Confirmations: The indicator waits for pullbacks or retests of the breakout levels to confirm the validity of the buy or sell signal, minimizing false entries.

Take Profit & Stop Loss: The indicator provides reasonable stop-loss and take-profit markers to guide you in managing risk and securing profits within the day.

This strategy is especially useful for traders looking to capture early market momentum, often seen in the first 5 to 15 minutes of trading. This indicator only works on the 1M timeframe.

More Updates soon!