Stretch Indicator is calculated by drawing the 10-period SMA of the absolute difference between the open and either the high or low, whichever difference is smaller. It measures the shortest average price movement from the open price over a set time period, then that value is used to calculate breakout thresholds for the current trading session. It is used to plot a multitimeframe breakout channel.
Opening Range Breakout (ORB) Forex Strategy
Using this strategy, the trader places a buy stop just above the open price plus the Stretch and a sell stop just below the open price minus the Stretch. The first stop triggers the order and the other stop becomes Stop Loss.
- File: Stretch.mq4
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