Chews Opening Range Breakout - Fibonacci

12. Okt. 2022

Visual tool for taking a Fibonacci retracement-backed opening range breakout.

How it works:

• Short a first red candle. Long a first green candle.
  
• You decide which Fibonacci % you prefer your stop loss to be, the plot and label will represent your decision.
  
• Fibonacci logic is close --> open.
  

Recommendations:

• Use a lower time frame interval like 3m.
  

Extra Notes:

• On higher priced stocks, you may see some discrepancy (~$0.1!) when plotting a Fibonacci Retracement compared to the suggested stop loss.
  
• Since this discrepancy happens on inherently more volatile stocks, I have chosen to neglect the discrepancy instead of going for point perfect stop loss exits.
  
• Realistically, it won't matter unless you get very unlucky.
  
• Fibonacci drawing is not a feature of what this indicator plots. It's there for reference, but I can add if requested.
  

I drafted this simple code to help me visualize automating this strategy.
"That's spoicy!"

ToDo: Add an optional two-sided ORB. Higher chance of success since it is meant for reversals.

15. Okt. 2022

Versionshinweise

Changes:

• Removed quantity since it makes no difference to any logic (Can bring back if visually convenient).
  
• Defaulted wick consideration for the Fibonacci to true because they are part of the opening range. Entry will thus be the high/low of the candle, respectively.
  
• If wick consideration is false, the entry will be the close/open of the candle, respectively.
  
• Added an option for the profit target to just be the candle w/out the wicks range considered.
  

You may notice a lot of commented code. That's because of the following ToDo's:

• Add Ghost line which draws high/low to trade off of within the day.
  
• Add second side of the ORB to visualize reversals.
  

19. Okt. 2022

Versionshinweise

Updates.

• Option to see both entry sides of an ORB (a double-sided ORB).
  
• Optional ghost lines have been added for the high/low of the first candle's range.
  
• Labels have been restyled to be at the left of the first candle, instead of on top of/below the first candle.
  
• Width default is now 2 to make it more readable.
  
• Stop loss color default is now yellow for easier identification.
  

Unless further requests are made, these are all the changes I am planning on making for this indicator.