Intraday Opening-Range Breakouts with Prior-Bar Stops

Summary

This intraday strategy records the high and low of the first bar in a trading session as opening-range boundaries. It enters long when a confirmed close crosses above the high, or short when a confirmed close crosses below the low, provided it has no open position. The script plots the boundaries and limits the number of filled orders allowed during the day.

For a long, the stop is the low of the bar before entry; for a short, it is the prior bar’s high. A configurable risk-to-reward multiple sets the profit target relative to that stop distance. Open positions are closed during a configured end-of-day window, and shaded chart areas distinguish stop and target levels. The document explains the rules but presents no test results. The opening range is based on a single first bar, and the stop distance depends on the preceding candle, so results may vary by market, session definition, and chart timeframe.

Key ideas

• The high and low of the session’s first bar define the opening range.
• Confirmed closes crossing those boundaries trigger long or short entries when no position is open.
• The prior bar’s low or high sets the stop, and a configurable risk-to-reward multiple determines the target.
• An intraday filled-order limit and a scheduled end-of-day close constrain trading activity.
• The document provides no performance evidence, and its single-bar range makes results sensitive to session and timeframe choices.

Tags

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