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ORB / Range Breakout Tool / Opening Range Breakout Tool

ORB / Range Breakout Tool/ Opening Range Breakout Tool

This tool works on Equity, Equity Futures, Index Futures, and Index Options (except Finnifty)

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Also, known as :
Range Breakout Tool
Opening Range Breakout Tool
ORB

Clear

Execution Details

DISCLAIMER:
  1. We, Myalgomate Technologies LLP, are a technology provider platform and do not act/intend to act as a wealth manager/ advisor in any capacity.
  2. This tool is an automated version of the strategy available in the public domain.
    We neither endorse this strategy nor provide backtest data or any standard configuration.
    All the parameters are configurable and user needs to decide their own parameter to use the software.
  3. The intention behind automating this strategy is to help those traders who are already trading on a similar strategy and want to automate it.

Join this telegram channel to get updates on this product: https://t.me/MyalgomateORB Or Search with the name “MyalgomateORB”

Instruments to trade:

  • Equity, Equity Futures, Index Futures, Index Options (Finnifty excluded)

Intraday or Positional:

  • Intraday

Different modes of trading:

Scan on Signal OnTrade OnMeaning
EquityEquityThe signal is scanned on Equity and Trade is also taken on Equity
EquityFutureThe signal is scanned on Equity but trade is taken on its future contract
Index SpotIndex FuturesThe signal is scanned on Index Spot but trade is taken on its Index Future contract
Index FuturesIndex FuturesThe signal is scanned on Index Future and trade is taken on its Index Future
Index SpotOptions (Buy/Sell Mode)The signal is scanned on Index Spot and trade is taken on Index Options (Based on the options contract selection logic set by the user)
Index FutureOptions (Buy/Sell Mode)The signal is scanned on Index Future and trade is taken on Index Options (Based on the options contract selection logic set by the user)

 

Execution Details:

  • You can set the candle start time and candle close time to define the range
    For example, if you set the candle start time to 09:15:00 and the close candle time to 09:30:00, then it will be the first 15 min opening range breakout.
    If you set the candle start time to 09:45:00 and the candle close time to 10:15:00, then it will take the highest high and lowest low between that time to calculate the range.
  • Buy Trigger Price = Range High + Range Buffer
  • Sell Trigger Price = Range Low – Range Buffer
  • For breakout, you can set it on either an LTP basis or a candle closing basis.
  • Using Trade Direction, you can trade buy-side breakout only, sell-side breakout only or both.
  • You can set the max no of trades per script and the total no of trades across all the symbols.

Strike Configuration:

For strike configuration, there are two modes available:

  1. Entry by ATM Points
  2. Entry by Closest Premium

Entry by ATM Points:

Examples:

  1. Underlying Price: 35125, CE  ATM Points = 0, PE ATM Points = 0
    ATM Strike = 35100
    CE Strike selected = 35100
    PE Strike selected = 35100
  2. Underlying Price: 35125, CE  ATM Points = 100, PE ATM Points = 100
    ATM Strike = 35100
    CE Strike selected = 35100 + 200 = 35200
    PE Strike selected = 35100 – 200 – 35000
  3. Underlying Price: 35125, CE  ATM Points = -100, PE ATM Points = -100
    ATM Strike = 35100
    CE Strike selected = 35000
    PE Strike selected = 35200

Entry by Closest Premium (CP):

Examples:

  • Closest Premium Price: 100, Type: “~”
    It will select the option contract nearest to the price of 100.
  • Closest Premium Price: 100, Type: “>=”
    It will select the option contract nearest and above the price of 100.
  • Closest Premium Price: 100, Type: “<=”
    It will select the option contract nearest and below the price of 100.

Quantity Configuration:

  • For Equity, you can set quantity based on The of Shares/ Capital per Trade/ Risk per Trade
  • For Futures & Options, it will be based on the no of lots.

Exit Criteria: (Exit conditions currently on website)

You can enable/disable multiple types of exit criteria from below.

  • Time-Based Exit
  • User exits positions from software
  • Range High/Low:
    • For buy-side breakout, it will set the SL to the range low.
    • For sell-side breakout, it will set the SL to the range low.
  • SL & Target based on %/Pts:
    • You can enable SL/target based on the % or points of the entry price.
  • RR-Based Target
    • For Sell side trade: If you have set the RR-based target = 2, entry price = 100, and SL price = 102, then the target will be 96. Opp. for the buy side.

Protect Profit:

There are three modes available to protect profits:

  • Lock Minimum Profit
  • Trail Profits
  • Lock & Trail Profits

Lock Minimum Profit:

Example:
If Profit Reaches = 10000
Lock Min Profit At = 5000

When your profit reaches 10000, it will lock the minimum profit at 5000. So when your MTM comes down to 5000, it will exit all positions.
This happens one time only.

Trail Profits:

Example:
Increase in Profit = 5000
Trail Min Profit by = 3000

With every 5000 increase in profit, it will trail your min profit by 3000.
When profit reaches 5000, min profit locked at 3000
When profit reaches 10000, min profit is locked at 6000 and so on…

Lock & Trail Profits:

In this mode, first, it will lock the profit at Lock Min Profit value and then it will start trailing profits.

Example:
If Profit Reaches = 10000
Lock Min Profit At = 5000
Increase in Profit = 5000
Trail Min Profit by = 3000

When your profit reaches 10000, it will lock in profit at 5000
After that,
When your profit reaches 15000, min profit locked at   8000
When your profit reaches 20000, min profit is locked at   11000 and so on…

Please note, when your profit comes down to a lock profit level, it will start exiting positions. It doesn’t mean that you will get the exact profit as per your lock profit value.

Configurable Parameters

• There is no limitation on how many symbols (Equity, Equity Futures, Index Futures, Index Options (Finnifty excluded)) can be added for scanning.
• Paper trading functionality with live PNL and order book generation.

Global Configurable Parameters:
(These parameters are common for all the straddles/strangles taken by the user.)

  1. Max. no. of Trades
  2. Timeframe
  3. Expiry Date
  4. Global Max Profit
  5. Global Max Loss
  6. Limit Order Configuration
    1. Limit Buffer %
    2. Seconds to modify Limit order to market
  7. Protect Profit
    1. Lock Minimum Profit
    2. Trail Profits
    3. Lock & Trail Profits
  8. Execution Mode ( Paper Trade / Live Trade )

Configurable Parameters at the Strategy level:
(These parameters can be configured separately for each symbol.)

  1. Alias Name
  2. Segment: Equity / Index
  3. Underlying (Equity, Equity Futures, Index Futures, Index Options (Finnifty excluded))
  4. Trade On : (Index Options
  5. Option Mode
  6. Contract Selection
    1. Entry by ATM Points
    2. Entry by Closest Premium
  7. Candle Start Time
  8. Candle Close Time
  9. Time Frame
  10. Range Buffer ( % / Pts )
  11. Exit Time
  12. Trade Direction
  13. Max Trade per Script
  14. Strategy Max. Profit
  15. Strategy Max. Loss
  16. Quantity calculation
    1. Mode: By Qty / Lots
    2. Mode: By Capital
    3. Mode: By Risk per trade
  17. Exit Criteria based on Underlying
    1. SL ( Per / Pts )
    2. Range High / Low
    3. Target ( Per / Pts )
    4. RR based target
  18. Exit Criteria based on Trade Symbol
    1. SL ( Per / Pts )
    2. Target ( Per / Pts )
    3. RR based target
  19. Protect Profit
    1. Lock Minimum Profit
    2. Trail Profits
    3. Lock & Trail Profits

Order Execution

Order Configuration:

  • Entry Ordet Type- Limit Order
  • Stoploss Order Type – SL (Applicable for Individual Leg SL only)
  • Limit Order Configuration :
    • Limit Buffer %
    • Seconds to modify
  • Product Type : MIS / NRML

Entry Order:

  • For entry order, it will be placing a Limit order. Price will be calculated as below example:
  • Entry Type = SELL
    LTP @ the time of placing order = 100
    Limit buffer % = 2%
    Seconds to modify order = 5
    It will place a sell limit order with 2% below the price which will be 98.
    If your order is not executed within 5 seconds it will modify to market.

SL Order:

Individual Leg SL:

  • For the SL order, it will be placing a Stoploss Limit order. Price will be calculated as below example:
  • Entry Type = Buy, Exit Type= Sell
    SL Price = 100
    Limit buffer % = 2%
    Seconds to modify order = 5
    It will place an SL buy order with trigger price = 100 and limit price = 102.
    So in this case your SL order may get filled anywhere between 100-102 with the best available price.
    If your order is not executed within 5 seconds it will modify to market.

Combined Leg SL:

  • It will be placing a Limit order to exit positions when combined SL is hit.

You can tweak “Limit buffer %” and “Seconds to modify order” parameters as per your requirement to get the best results.

If the broker’s API fails due to any reason while modifying the SL order to market after X seconds, then your position will be open without any SL. In this type of scenario, you will need to manage and exit manually.

Salient Features

Screens:

  1. Signal Window
  2. Order Book
  3. Position Book
  4. Parameter Window
    • The Signal window shows the live signals generated and all different values like Entry Price, Target Price, SL Price, Quantity, etc. depending upon the strategy.
    • Order Book shows all the orders placed by the software.
    • Position Book shows the live MTM and open positions generated due to software.
    • Parameter Window displays all the parameters set by the user.

Some Other Functionalities:

  • User can save the configuration in case he / she wants to trade the same configuration every day

Pre Requisites

Required Broker API with historical data.

Infrastructure :

  • Cloud Machine ( AWS Provides it for Free ) can be used in Windows / MAC System
  • If you opt for a Cloud machine, there is no other internet speed requirement or min computer requirement.
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