Here is a simple Full Gap Open Range Strategy for intraday traders to trade the big gap ups and gap downs using open range breakout. And more important strategy is back-testable.
Strategy is very simple. when the market open with gap up and at the same time ,it crossed the previous day high then it should be considered as strong buy. When the market open with gap down and while opening if it crosses yesterday low then it should be considered as strong short.
The main challenge with the classic ORB Study for Amibroker is that it generates too many signals on the intraday charts and backtesting is not possible with such a study. This problem has been overcome by Mr Dinesh Tarde by fine tuning ORB study makes the code backtestable