MNQ Opening-Range Breakouts with Risk Sizing and Daily Loss Limits

Summary

This intraday futures strategy records the high and low of the bar at the New York 9:30 open, then trades a close that crosses above or below that range during a defined morning window. The opposite edge of the opening bar serves as the stop; trades are skipped when the stop distance exceeds a configured percentage of entry price. A profit target is set as a percentage move from entry, and any open position is closed after the trading window ends.

Position size is calculated from a per-trade dollar risk budget, stop distance, and contract point value, with a minimum of one contract. The rules also cap daily trades, stop new entries after a configurable number of intraday losses, and can skip a day after consecutive losing days. The script models commission and slippage and displays trade statistics, but the document provides no actual backtest results. Outcomes depend on the selected contract, chart data and timeframe, execution assumptions, and settings; the code’s risk formula does not ensure realized losses stay within its budget during gaps or slippage.

Key ideas

• The strategy defines an opening range from the New York 9:30 bar and trades breakouts during a morning window.
• The opposite edge of the opening bar sets the stop, while an entry-relative percentage sets the target.
• Contract quantity scales inversely with stop distance to approximate a chosen dollar risk per trade.
• Daily trade caps and loss circuit breakers limit further entries after specified losses.
• The script reports historical metrics, but the document supplies no measured strategy results.

Tags

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