MT Open Range Breakout NinjaTrader Strategy

MT Open Range  NinjaTrader Strategy - Quick Start

Pre-Requisites For AutoTrading with MTNTF7 Strategies  

Please click here to view the pre-requisites for AutoTrading 

Quick Start

1. Start and Connect
• Connect to a datafeed with intra-day historical data such as Kinetick or CQG
2. Open A Chart
• 10 Range , 30 Days
• Chart Template <none> 
• Select the Desired Session to Trade using the Session Template
• To Trade the 00:00 Midnight Session - Open Range  -  Session Template: Default 24/7 
• To Trade the US Equities New York Session Open Range - Session Template: US Equities RTH
• To Trade the US Energy Regular Session Open Range -  Session Template: Nymex Energy RTH
3.  To add the strategy
• Chart > right click > Strategies > MT Open Range > Add > Click Ok
• Notes:
• Make sure you do not have NT Chart Trader Enabled or you will not be able to add a strategy to the chart - use a blank chart template.
• The Strategy will work with the Default Strategy Template - which shows some features and is not aimed at being the optimal best setting

Realtime Trading on the Sim Testing - fun, risk free learning - 100% 

All MicroTrends NinjaTrader Framework Strategies are 100% free for demo, backtest, optimization, sim realtime trading..

Customizing the Strategy for your Trade Plan

In terms of getting used to a strategy it is a good idea to get it into a vanilla mode to see the kind of MFE and MAE, win ratio, risk reward and expectancy it has, drawdowns, consec losers and winners, avg win size, the numbers of trades per day, best days etc  use that as a baseline for improvement.  Visually backtest the system on a chart and understand the premise. 

Then look to introduce technical filters and trade management features to optimize it to suit both your pyschology - high win ratio/ inverse risk reward or low win ration -  positive risk reward - and also viability/ you are looking for a positive expectancy - which is a measurement visible in the bottom right hand side of the chart/ strategy info bar performance stats.

Also: compare on many dataseries, renko, volume, tick,  minute: 5,10,15, 30, line break etc...

For futures:

NQ,CL for example

Start with 1 lot
No target or a very large target equivalent to the Daily Range -
A loose stop: 20 to 25 ticks  - ES 12 to 16
A loose trail stop :  perhaps an ATR Trailing Stop ATR 2.5 multiplier that kicks in after 20 ticks profit and trails the ATR by 10 offset.

Then visually test this on a chart to get a feel for the natural profile of the system and understand when it works well and wehn it doesn't. The more historical data the better.

Look at the stats and get an understanding of how to improve/customize it to suit you.

At first look at filters and trade entry confirmation

Set..Trade Entry mode=1

look at the stats

look at times to trade - is there an edge there? Days of the week, weeks of the month...

For the session times you are trading perhaps from 9AM/9.30AM to 12.30AM

session start hour= 09
session start minute=30
session end hour =12
session end minute=30
session mode=2

 For US Stocks -  you might decide to trade from 10.30AM - on the premise if it did not take off at the open 9.30 AM - it might break out later for example...

session start hour= 10
session start minute=30
session end hour =12
session end minute=30
session mode=2

Non Trade Management - Technical Filters and Features

when you work through the filters you can then look at the trade management also so you can then introduce 

breakeven stops
targets
change the trail stop
look at exit modes

lock down on the number of trades per session etc

and the number of tries per direction.

if your range is 100 ticks and your risk per trade 20
you might say you got 5 chances
however you will probably only see 100% range days 33% of the time.
in which case you got
to limit your risk per day to work within that with your risk reward... and win ratios.

so you might say 3 trades per session and let it run..

or you might try to get a high win ratio
with a loose stop and tight targets for example

As with all MT Signals Indicator based strategies the key logic is controlled by 1 parameter 

This is the same process for every MT Signals Indicator and every MT Strategy.

Signals Parameter Group 
Trade Setup Mode 
Set Trade Setup to 1 or as directed by the parameter description.

General Parameter 
Set Enabled = True > Click Ok

Modified Baseline Example of Parameters

Strategy Signal Execution Engine Parameters 1

Strategy Signal Execution Engine Parameters 2

Strategy Signal Execution Engine Parameters 3

Strategy Signal Execution Engine Parameters 4

Related Systems

Here is a walkthrough of settings for the MT Open Range / Sister Strategy 
https://microtrends.zendesk.com/entries/39333077-us-stocks-session-open-breakout-strategy-walkthrough 
MT Session Open Breakout - the only difference is that this uses the user defined session time as the open.

You can apply the same settings for risk, trade management to the MT Open Range or any other strategy in the . MTNTF7

Please let us know if you require more assistance with settings. 

we will need to know as much info as possible for example:

Trade entry rule -cross/below - MT open range trigger lines 
# Signals Per Direction 
# Signals Per Session 
#Trade Entry Price Confirmation/ Filters 
# of bars between signals

Session trading time., 
close out? trail

Risk and reward settings 
Trade Management settings 
Be Stop trigger, offset, 
stop 
no of Targets/Brackets
t1, 
t2 
t3 
t4 
Trail type, trigger, offset

Please feel free to ask us for settings support to assist you with your trading set up.

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