Open Range Breakout is a scanner that any stock creates a range in the first 15 to 60 minutes of trading in a day. This is called Opening Range. The highs and lows of this timeframe is taken as resistance and support.
1. Buy when the stock moves above the Opening Range high(ORB High).
2. Sell when the stock moves below the Opening Range low(ORB Low).
Opening range is defined by the high and low made in the first 15 minutes or 60 minutes.
First two columns in the scanner updates at the first 15 minutes after market starts. Second two columns in the scanner updates at the first hour after the market starts.
Rules for Buy
Buy when the stock price crosses above the opening range.
Initial Stoploss – Low of the Opening Range.
Rules for Sell
Sell when the stock price crosses below the opening range.
Initial Stoploss – High of the Opening Range.