Opening Range Breakout

This system requires MetaStock 8.0 or later to set the correct trade size and entry price. To create this system:

• Select the Enhanced System tester from the Tools menu
• Click New
• Enter the name of the system
• Select the Buy Order tab and enter the following formula:
  
  H >= O + ATR(21)
  
  
• Set the order type to Stop Limit
• Enter the following formula for the Limit or Stop Price:
  
  O + ATR(21)
  
  
• Set the enter size dropdown to "% of available equity"
• Enter a 1 in the space to the right of the entry size
• Select the Sell Order tab and enter this formula:
  
  base:= c-Simulation.CurrentPositionPointDifference;
  move:=base*0.03;
  L<base-move OR H>base+move
  
  
• Set the order type to "Stop Limit"
• Click the italics f to the right of the space for the entry size
• In the window that appears, enter the following formula:
  
  base:= c-Simulation.CurrentPositionPointDifference;
  move:=base*0.03;
  If(L<=base-move, base-move, base+move )
  
  
• Select the Sell Short Order tab and enter the following formula:
  
  L<= O-ATR(21)
  
  
• Set the order type to "Stop Limit"
• Enter the following formula for the Limit or Stop Price:
  
  O-ATR(21)
  
  
• Set the enter size dropdown to "% of available equity"
• Enter a 1 in the space to the right of the entry size
• Select the Buy to Cover Order tab and enter this formula:
  
  base:= c-Simulation.CurrentPositionPointDifference;
  move:=base*0.03;
  l<=base-move OR h>=base+move
  
  
• Set the order type to "Stop Limit"
• Click the italics f to the right of the space for the entry size
• In the window that appears, enter the following formula:
  
  base:= c-Simulation.CurrentPositionPointDifference;
  move:=base*0.03;
  If(H>=base+move, base+move, base-move )