MNQ Opening Range Breakout Retests and Prior-Day Level Sweeps

Summary

This MNQ strategy combines opening range breakouts with reversals at the previous day’s high or low. It builds the opening range during a configurable window after the New York open, then accepts ranges only within set minimum and maximum widths. A breakout arms a trade direction; entry waits for price to retest the relevant boundary within an ATR-based buffer. A wick through a prior-day extreme followed by a close back across it can instead arm a sweep setup, which takes priority over an existing opening-range signal.

Position size is tied to ATR and a dollar risk input, with a cap on contracts. Stops and profit targets use ATR multiples, with separate target settings for breakout and sweep trades. The script limits trading to one entry per day, closes positions at a daily loss threshold or near the session close, and provides alert messages and chart markers. The document offers implementation details but no performance results, and the risk settings, time logic, and simulated fills require validation on the intended chart and market data.

Key ideas

• The opening range is measured after the New York open and filtered by configurable width limits.
• A breakout signal becomes eligible only after price retests the range boundary within an ATR-based buffer.
• A prior-day high or low sweep can arm a reversal setup and takes precedence over an opening-range setup.
• ATR-based stops, targets, and contract sizing are combined with daily trade and loss limits.
• The script describes rules and controls but gives no backtest evidence of profitability.

Tags

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