Daily Opening-Range Breakouts with ATR-Adjusted Entries

Summary

This strategy records the high and low of the 09:00 candle each day and uses them as an opening range. It is designed for a one-hour chart. Once the range is available, the script places stop orders above and below its boundaries, offset by a multiple of the 14-period ATR. Both long and short positions are allowed, with user-configurable tick-based profit targets and stops.

The code limits order placement to once per day and cancels untriggered entries during a defined evening session. It also plots the range and includes tables for range levels and strategy statistics. The document explains the mechanics and lists default input values, but gives no actual backtest results or evidence that the approach is profitable. Its timing depends on the instrument’s session and chart timezone, and the displayed range plots show the raw high and low rather than the ATR-offset entry prices. Users should account for those implementation details when interpreting or testing it.

Key ideas

• The daily range is the high and low of the 09:00 candle on a one-hour chart.
• Long and short stop entries sit beyond the range boundaries by an ATR-based offset.
• Each entry uses adjustable tick-based profit and loss exits.
• The script cancels untriggered orders during an evening session and does not repeatedly place them during the day.
• The document describes the setup but provides no realized performance evidence.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.