Daybreak Opening-Range Breakout with ATR-Adjusted Stops
Summary
The visible portion of this script describes a daily opening-range breakout system for one-hour charts. It records the high and low of the bar beginning at 09:00, then places a buy stop above that range and a sell stop below it, each offset by a multiple of the 14-period ATR. The script assigns a fixed quantity and attaches tick-based profit and loss exits. It also cancels untriggered entry orders during a specified late-session window. Sensitivity, take-profit and stop-loss inputs are provided, along with plotted levels for reference.
The supplied document ends partway through the source, so later logic and any performance reporting are unavailable. It includes no backtest settings, market, results or evidence that the approach is profitable. The visible rules depend on the chart’s daily boundary, the meaning of the 09:00 bar in the instrument’s timezone, and the relationship between ATR offsets and tick-based exits. Those details, as well as order behavior and session timing, would need careful evaluation before interpreting results.
Key ideas
- The script defines each day’s opening range from the high and low of its 09:00 bar.
- It places stop entries beyond the range with offsets scaled by ATR.
- Each entry is paired with configurable tick-based profit and loss exits.
- Untriggered entry orders are canceled during a late-session window.
- The source is truncated and supplies no market-specific backtest results.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.