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TapsORBs Settings Guide

Complete configuration guide for TapsORBs opening range breakout strategy

This guide covers all configurable settings for the TapsORBs automated trading strategy. TapsORBs trades breakouts and rejections of the opening range, entering positions when price taps the range boundaries and shows opposite candle closes.

Table of Contents

Trading Hours

The Trading Hours settings control when the strategy is active for new entries.

Start Time (Default: 6:00 PM)

  • Function: When to begin looking for trades
  • How it works: No entries before this time
  • Common Setting: Set to match your market open

End Time (Default: 4:00 PM)

  • Function: When to stop taking new trades
  • How it works: Existing positions continue to be managed
  • Note: Default represents futures overnight session

Range Settings

The Range Settings define the opening range to trade.

Use Previous Day Range (Default: true)

  • Function: Use yesterday's range vs today's
  • How it works:
    • When true: Uses prior day's range for today's trading
    • When false: Uses current day's range
  • Benefit: Range is known before market opens

Range Start Time (Default: 9:00 AM)

  • Function: When range calculation begins
  • How it works: Tracks high/low from this time
  • Common Settings:
    • 9:00 AM: Captures initial balance
    • 9:30 AM: Regular session open

Range End Time (Default: 12:00 PM)

  • Function: When range calculation ends
  • How it works: Finalizes high/low at this time
  • Common Settings:
    • 10:00 AM: 30-minute opening range
    • 10:30 AM: 1-hour opening range
    • 12:00 PM: Morning range

Draw Extended Lines (Default: true)

  • Function: Visual range display
  • How it works:
    • Draws horizontal lines at range high/low
    • Lines extend through current day
  • Purpose: Visual confirmation of levels

Entry/Exit Settings

The Entry/Exit settings control trade execution and management.

Stop Loss (Default: 10 ticks)

  • Function: Fixed stop loss distance
  • How it works:
    • Same stop for all trades
    • Placed 10 ticks from entry
  • Consideration: Adjust based on instrument volatility

Take Profit R Multiplier (Default: 2.0)

  • Function: Profit target as risk multiple
  • How it works:
    • 2.0 = 2x the stop loss distance
    • Example: 10 tick stop = 20 tick target
  • Range: 0.1 to 10.0

Risk Management

The Risk Management settings control position sizing and daily limits.

Use Dollar Risk Sizing (Default: false)

  • Function: Enable dynamic position sizing
  • How it works:
    • When true: Size based on dollar risk
    • When false: Trade fixed contracts
  • Benefit: Consistent risk per trade

Risk Sizing Type (Default: Dollar)

  • Function: How to calculate risk
  • Options:
    • Dollar: Fixed dollar amount
    • Percent: Percentage of account
  • Usage: Only when dollar risk sizing enabled

Max Dollar Risk (Default: 5000)

  • Function: Maximum risk per trade
  • How it works:
    • Caps position size calculation
    • Safety limit for all trades
  • Note: Acts as absolute maximum

Max Contracts Per Trade (Default: 10)

  • Function: Position size limit
  • How it works: Maximum contracts regardless of calculation
  • Purpose: Prevents oversized positions

Account Size (Default: 10000)

  • Function: Base for percentage calculations
  • How it works: Starting point for risk calculations
  • Important: Update to match your account

Risk Percentage (Default: 2.0%)

  • Function: Percent of account to risk
  • How it works:
    • Used with Percent risk type
    • 2% of $10,000 = $200 risk
  • Range: 0.1% to 10%

Full Compounding (Default: true)

  • Function: P&L compounding behavior
  • How it works:
    • True: Cumulative P&L carries forward
    • False: P&L resets each session
  • Note: Mainly for backtesting

Max Trades Per Day (Default: 0)

  • Function: Daily trade limit
  • How it works:
    • 0 = Unlimited trades
    • Positive number = Trade cap
  • Purpose: Prevent overtrading

Max Daily Profit (Default: 99999)

  • Function: Stop after profit target
  • How it works:
    • Stops new trades when reached
    • Resets next session
  • Default: Effectively disabled

Max Daily Loss (Default: 99999)

  • Function: Stop after loss limit
  • How it works:
    • Stops new trades when reached
    • Resets next session
  • Default: Effectively disabled

Debug Settings

Enable Debug Logging (Default: false)

  • Function: Detailed strategy logging
  • How it works:
    • Logs all touch detections
    • Shows entry/exit logic
    • Displays range calculations
  • Use: Troubleshooting and optimization

Need Help?

If you need assistance with settings:

Remember: These are default suggestions. Always adjust settings based on your personal risk tolerance and trading goals.