Long-Only Opening Range Breakouts with Daily Pivot Trailing Stops

Summary

This strategy builds an opening range from a configurable session, then looks for a long entry when price moves above that range high, provided the previous day’s first pivot resistance is above the range. A daily limit controls entries, and a backtest time window can restrict when signals are allowed. The displayed resistance ladder includes standard daily pivot levels and midpoints between successive levels.

Risk management combines an initial stop, set as a percentage of the actual fill or at the setup bar’s previous low, with a trailing stop that advances through the opening-range and pivot ladder as price reaches higher levels. The strategy cancels an untriggered entry under a specified next-bar condition and closes positions at the exchange day’s end. The document provides implementation logic but no performance results or instrument-specific validation. Session definitions, chart timeframe, pivot behavior, and execution assumptions may affect results; the script’s rules should be tested against the intended market and data.

Key ideas

• The opening-range high is calculated during a configurable session and becomes valid after that session ends.
• A long entry requires price to cross the range high while the first daily pivot resistance remains above it.
• The initial stop can use a percentage of fill price or the setup bar’s preceding low.
• A trailing stop ratchets through the opening range and daily pivot resistance levels as price advances.
• The strategy limits entries and closes open positions at the exchange day’s end.

Tags

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