MNQ Midpoint Retest with Staged Targets and Break-Even Runner

Summary

This Pine Script strategy builds a price range from the 08:00–08:15 New York session, locks its high and low, and tracks closes that break outside the range. During the 09:45–11:00 window, it enters when price retests the midpoint in the direction of the recorded breakout. Positions use the opposite range boundary as a stop, with 70% targeted at twice the initial risk and a 30% runner targeted at four times risk; the runner stop moves to entry after the first target is reached.

The script allows only one open position at a time, closes positions at the end of the trade window, and blocks further trades for the day after two consecutive losing trades. The document provides implementation details but no performance results, test period, or transaction cost assumptions. Its outcomes therefore cannot be assessed from the supplied material, and the fixed session times and range-based stops may behave differently across instruments and market conditions.

Key ideas

• The strategy defines a morning range using the high and low recorded during a 15-minute session.
• A close outside the range establishes breakout direction, and a midpoint retest triggers an entry during a later trading window.
• The range boundary sets initial risk, with partial exits at two and four times that risk.
• The runner stop moves to entry after price reaches the first profit target.
• Two consecutive losing trades lock the strategy for the rest of the day.

Tags

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