Initial Balance Breakouts with Retracement Entries and Range-Based Exits

Summary

This futures strategy defines an initial balance from the opening range during a configurable New York session window. Once the range is locked, it accepts the day only if its size falls between configurable percentage bounds. During a later entry window, it tracks whether price breaks above or below the range; a trade is considered only when one side breaks without the opposite side breaking.

After a breakout, the script places a limit order at a configurable retracement into the initial balance range. Stops and profit targets are set as fractions or multiples of that range, and unfilled orders are canceled when the entry window closes or the opposite boundary breaks. Open positions are closed at a time stop. The code includes chart drawings and a performance table, but the supplied document reports no actual backtest outcomes. Its stated compatibility targets are selected equity index and gold futures on five-minute charts; results can depend on session settings, execution assumptions, and instrument behavior.

Key ideas

• The initial balance is measured over a configurable opening session and checked against minimum and maximum size limits.
• The strategy tracks breaks of the range high and low during a separate entry window.
• A qualifying breakout leads to a limit entry after price retraces into the range.
• Stops, targets, and the time-based exit are defined relative to the initial balance or session clock.
• The document supplies code and intended markets but no evidence of profitability.

Tags

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