OPEN-SOURCE SCRIPT
Morgpy Risk Box
The Morppy Risk Box is an intraday breakout strategy based on constructing a price box defined between 5:00 AM and 9:30 AM. During this interval, the highest and lowest prices reached by the asset are recorded, forming a reference range.
Once the box period ends, the strategy waits for the first candlestick that breaks and closes outside these limits. This breakout is interpreted as an entry signal:
- Buy (long): if the first candlestick closes above the box's high.
- Sell (short): if the first candlestick closes below the box's low.
The logic includes a filter that ensures only one trade is executed per day, preventing multiple entries in the same direction.
Once the box period ends, the strategy waits for the first candlestick that breaks and closes outside these limits. This breakout is interpreted as an entry signal:
- Buy (long): if the first candlestick closes above the box's high.
- Sell (short): if the first candlestick closes below the box's low.
The logic includes a filter that ensures only one trade is executed per day, preventing multiple entries in the same direction.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.