New York Opening-Range Breakout with Body-Close Confirmation

Summary

This strategy records the high and low of the New York 9:30–9:35 opening period, then looks for a later candle to close beyond either boundary. A close above the range triggers a long entry; a close below it triggers a short. The description favors candle-body confirmation over wick breaks and limits the system to one trade per day during a specified trading window.

Stops are placed beyond the relevant range boundary by a distance based on the range or a minimum instrument-specific amount. Profit targets use a configurable reward-to-risk multiple. The material provides implementation logic and parameters but no reported backtest results, sample, or performance statistics. It suggests a one-minute chart for breakout confirmation, and its claims about filtering false breaks are not supported by comparative evidence. The approach is framed around the New York equity open, while the script's instrument-specific stop handling distinguishes forex from other symbols.

Key ideas

• The strategy defines an opening range using the New York 9:30–9:35 period.
• It enters long or short when a subsequent candle closes outside the range.
• The rules allow at most one trade per day within the configured trading window.
• Stop distance uses the opening range or an instrument-specific minimum, and targets scale that distance by a set ratio.
• The document provides strategy logic but no measured performance evidence.

Tags

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