Long-Only Opening Range Breakout with Pivot Levels and Stops

Summary

This document introduces a long-only opening range breakout strategy intended for intraday use. Its visible settings define an opening session, a daily trade limit, a backtest date window, and an initial stop choice: a percentage of entry price or the prior bar’s low. The script also offers chart display controls for daily pivot resistance levels, the opening-range high, and the active stop. The stated default opening window is 09:30–09:45 in exchange time, and the default daily entry limit is one trade.

The source excerpt ends during the opening-session flag calculations, before it shows how the range is completed, how breakout entries are triggered, or how exits and pivot levels affect trading. As a result, the core entry and exit rules cannot be confirmed from this excerpt, and it provides no backtest results or performance evidence. Treat it as a partial strategy specification rather than a complete, assessable trading method.

Key ideas

• The strategy is described as a long-only opening range breakout with pivot levels.
• The opening range is based on a configurable exchange-time session, defaulting to 09:30–09:45.
• Initial risk can be set as a percentage of entry or by the prior bar’s low.
• The visible settings include a daily trade limit and a backtest date window.
• The excerpt ends before breakout entries and exit rules are shown, and it contains no performance evidence.

Tags

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