Initial Balance Breakout Strategy with Range-Based Stops and Targets

Summary

The document presents a partially shown Pine Script strategy that tracks an initial balance session, draws its high and low, and configures breakout-related chart levels. The visible settings include a 55-minute initial balance beginning at 9:15, a selectable number of historical days to display, and extension lines at multiples of the balance range. A stop-loss multiplier is also configurable, with a default of 0.75 times the initial balance range.

The excerpt ends during the new-day state-reset logic, before the order conditions, exits, or target calculations are shown. It therefore establishes the session and visualization framework but does not provide enough of the strategy to verify when trades are entered, how targets are applied, or what evidence supports the method. No market, backtest period, or performance results are included in the supplied excerpt. The configurable bars-per-day value must also be matched to the chart interval for the displayed session calculations to align as intended.

Key ideas

• The script defines an initial balance beginning at 9:15 and lasting 55 minutes.
• It tracks and displays the initial balance high and low, with optional range-multiple extension levels.
• The stop-loss setting is expressed as a multiplier of the initial balance range.
• The supplied excerpt ends before trade entries and exits are visible, so the complete breakout rules cannot be assessed.
• The bars-per-day setting is intended to be adjusted for the chart timeframe.

Tags

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