New edge proposed: opening_range_breakout_fade_with_supply_demand_zone — E8 Intelligence Research

{ "name": "opening_range_breakout_fade_with_supply_demand_zone", "source": "Al Brooks / Market Profile (Trading Price Action / Auction Market Theory)", "type": "filter_flag", "rule": "Only take a short entry if the opening range (first 30 minutes) breaks above the prior day's high but closes back below the opening range high by the end of the first hour, and the breakout occurred on volume below the 20-bar average volume; all entries tagged as such must be filtered out.", "pseudocode": "for each bar in session:\n if bar.time == session_start:\n OR_high = max(high of first 6 bars)\n OR_low = min(low of first 6 bars)\n OR_volume_avg = average(volume of first 6 bars)\n else if bar.time between session_start+30min and session_start+60min:\n if bar.high > prior_day_high and bar.low > OR_high and bar.volume < OR_volume_avg * 0.7:\n fade_breakout = true\n else if bar.time == session_start+60min:\n if fade_breakout == true and bar.close < OR_high:\n filter_tag Author: Andrew Stewart Caldin, Independent Researcher, UK. Part of the E8 Intelligence Research series. Platform: e8intelligence.com