Open Range strategy

Originally from ticket #2598.

Hi MT:

Do you have a manual explaining the settings for Open Range stratgy? I
have watched the videos and read all the posts, but it's still very
confusing.

Thank you
Derek

HI

Please can you say which videos they were?

Please visit here to understand the basics - it is vital to understand what an indicator is and waht a strategy is in the context of your product.
https://microtrends.zendesk.com/entries/26563007-Understanding-the-MT-Strategy-Open-Range-Trader

Technical Support Model and Guidance for the MicroTrends NinjaTrader Framework (MTNTF7)
The support model is via the Help desk and forum only - there are no manuals other than the intro guide at http://help.microtrends.co
which provides installation, removal and overview of indicators and strategies and common parameters, tips of the MicroTrends NinjaTrader Framework

For detailed product support we assist you live with your trading and settings live from this help desk.
For all details of the support model please visit www.microtrends.co/support/

Settings Support
If you can tell us how you wish to trade we can provide the exact settings required for you.

Please Provide the Following if you can:

Are you trading Forex, Futures or Stocks?
What instrument time frame chart are you using?
What session template are you using?

Please provide the following details if you can.

Are you scaling in and scaling out with multiple brackets/ trade units- or all in all out?
What position size are you using - lots per bracket/Trade unit

Please provide some details in Ticks.

Risk Stop Size
Break Even Trigger
Break Even Offset

Trail Stop Type
Trail Stop Trigger
Trail Stop Offset

Target 1
Target 2
Target 3
Target 4

session times
when are you trading from to?

Other Support Options

Help Desk FAQ - Previous Help Desk Questions
There are also previously answered questions and answers here for the Open Range Strategy
Please visit here:
https://microtrends.zendesk.com/entries/26563007-Understanding-the-MT-Strategy-Open-Range-Trader

Forum
There is Prior information in the forum which is relevant to all Strategies:
http://forum.microtrends.co/forumdisplay.php?6-NinjaTrader-Strategies
*regretfully we have to redo entries for all strategies in detail again as they were wiped out by a hacker recently- there is still relevant advice on generics of using any strategy.

Please let us know how we can assist further

MicroTrends Support
support@microtrends.co
http://www.microtrends.co/support/

Tip! You can visit the help desk forum to see previous answered frequently asked questions:
http://microtrends.zendesk.com/forums

Thank you for fast reply. My desired use of the open range strategy would be set time of opening range for different instruments eg, 0630 to 0700 range for ES, I use mean Renko bars 6 tick, when price penetrates above range go long 3 contracts, take one off at 4 ticks, one off at 8 ticks third is runner, opposite for short trade, I trade Futures markets throughout the night and US markets. How can I get the open range strategy to use specific times to set range?

Sent from my iPhone

" I trade Futures markets throughout the night and US markets. How can I get the open range strategy to use specific times to set range?"
you are limited by the session template - What you are might want is a signals indicator that pots the range based on a time you put in rather than a bar range. The problem with that is the bar might not close at the same interval - it is not directly supported.

The open range is calculated based on the Dataseieis Session template you are using and the first bar of the session
The first bar to open and close sets the range of the new session

it is possible for instance to plot the 30minute range bar over the top of a renko 6 tick
The first 30 minute bar would close 30minutes after the session open for the session template you are using.

This will draw the open range upper and lower across the chart
The strategy signals indicator can be configured to signal long when price closes above the uppper or short when price closes below the lower. So a 6 tick renko would take you 1 to to 6 ticks from that point - as it closes above or below.

To control the timing of the first bar you would need to set appropriate session template or create your own if it was a custom non default session time.

Also if you are trading 24/7 you have to chose a datasries session template that is 24/7 -and alter the session times to start at the time you want. ie . you might need to change the start date of the US Stocks ETH and the end date to allow 24/7 trading of it....
The chart that uses the session template you customise will displayt the times it starts and ends.
add a currentOHL indicator to help see that.

http://www.ninjatrader.com/support/helpGuides/nt7/index.html?session_manager.htm

Experiment to understand the Range and Signals parameters:

http://content.screencast.com/users/MicroTrends/folders/Jing/media/a258038f-7189-4557-a9f8-b0b8e843535b/MT%20Open%20Range%20Signals%20-%20US%20Stocks%20ETH.png

#1
NinjaTrader Control center > Historical Data Manager > Download > ES 12-13
15 days minute and tick data

#2
Please download the attached template to
\\My Documents\NinjaTrader 7\templates\Chart

Then open a new chart
renko 6
Template: MT Open Range Signals

This will load the US Stocks ETH Session Template
so the first bar of a 30min chart will close at 08.30 creating the range

The range upper and lower will be drawn - using 30minute bars in the background in secondary bars -drawn over the top of the 6 tick chart.
The signals will when the 6 tick candle closes.
The signals indicator will plot green for closes above and red for closes below - long/short signals.

N.B. You can optionally set -Trade Entry Mode =1 in the signals indicator for price action confirmation after the Trade Setup Mode close rule
for double confirmation.

If you wanted to use 6.30 to 7 you would need to make a copy and alter the US Equities ETH session template and then set the chart dataseries to use it...

If you only want signals for say the first 3 hours of the day you can set signals indicator parameters
session mode =2
session start hour = 7
session start minute=0
session end hour = 10
session end minute=0

This will provide understanding of the signals indicator - so the next part is the Strategy settings.

Note:
I have just found out and raised a development ticket that the strategy does not allow us to specify to use the 30minute bar from inside the 6 tick chart - it uses the first 6 tick bar... i have enclosed the settings template for it too

so if you add this strategy to the chart you will see sometimes more than range as it does not sync with the indicators we added above as they use the 30min range.

but atleast this has the settings for trade management you mentioned -
the trail stop is triggered at 8 and follows low or high + offset 8
http://screencast.com/t/uj61CI342Hr

Please save template MicroTrendsOpenRange.xml to
My Documents\NinjaTrader 7\templates\Strategy

Then right click chart and remove/ add the MT Open Range Strategy - click enable

We will roll out an update - however being mid office move we cannot access any dev/test servers currently.

MicroTrends Support
support@microtrends.co
http://www.microtrends.co/support/

Tip! You can visit the help desk forum to see previous answered frequently asked questions:
http://microtrends.zendesk.com/forums