London Open Breakout
London Open Breakout is a strategy that trades GBPUSD on 5-minute bars. It holds at most 1 open trade and trades only during the London session.
sessions and timepending orders
strategy "London Open Breakout"market: GBPUSDbars: 5mmax_open: 1trade_only: within sessions londoninput range_bars = 12input buffer = 2 pipsrange_high = highest(high, range_bars)range_low = lowest(low, range_bars)when time_of_day == 08:00 max 1 per day:buy stop: range_high + buffer, risk: 0.5%, stop_loss: range_low - buffer, target: 2R, expires: 24 bars, tag: "breakout"sell stop: range_low - buffer, risk: 0.5%, stop_loss: range_high + buffer, target: 2R, expires: 24 bars, tag: "breakout"when time_of_day >= 16:00:close_all tag: "breakout"cancel orders.pending(tag: "breakout")plot range_high, color: green, style: stepplot range_low, color: red, style: stepLondon Open Breakout is a strategy that trades GBPUSD on 5-minute bars. It holds at most 1 open trade and trades only during the London session.
You can change 2 inputs: range_bars (default 12) and buffer (default 2 pips).
It calculates range_high as the highest high of the last range_bars bars and range_low as the lowest low of the last range_bars bars.
When the time of day is 08:00 (at most 1 time per day), it buys with a stop order at range_high plus buffer, risking 0.5% of the balance, with a stop-loss at range_low minus buffer, with a target 2R from the entry, expiring after 24 bars and tagged "breakout"; it also sells with a stop order at range_low minus buffer, risking 0.5% of the balance, with a stop-loss at range_high plus buffer, with a target 2R from the entry, expiring after 24 bars and tagged "breakout".
When the time of day is at or above 16:00, it closes all trades tagged "breakout" and cancels pending orders tagged "breakout".
On the chart, it plots range_high and range_low.