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Range Breakout Indicator

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A simple range breakout strategy, where you select a tracking time period and the market time period. In the tracking time period, the high and the low values are marked, and a line is drawn for the entire trading range. A breakout above this range indicates a potential LONG position, while a breakout below this value indicates a SHORT position.

Trading Theory

Institutions and HNIs are mostly active for a short time period where they place their bets, and then the market tries to follow the trend. For example, in the Indian market, typically big movements are likely to happen during the market opening cycle rather than the intraday session, which is typically due to some news/other factors. Example of typical important range breakout sessions are:

  1. 9:30 AM to 10:30 AM (IST, default) - Indian market opens, a big move in an index likely to set the trend of the day for the index.
  2. 6:30 PM to 7:30 PM (IST) - Global XAU New York Sessions opens, this is the time that decides the trend of the Gold for that trading session.
Notes de version
Added volume confirmation, this is based on v6 rangeBreakout Library

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