New York Opening Range Breakout with Moving Average Exits

Summary

This intraday strategy defines the New York opening range from 9:30 to 9:45 a.m. and tracks its high and low. After that window ends, it looks for a candle close beyond either boundary and enters on the following bar, subject to a configurable New York time cutoff and long-only, short-only, or two-way direction settings. The description recommends intraday charts below 15 minutes for day trading and scalping.

Stops are placed at the opposite edge of the opening range. Profit taking can use a fixed risk-reward target, a moving average exit, or both; the moving average can be selected from several common types, and its relationship to price can filter entries when that mode is enabled. The script plots range levels, signals, and trade exits, but supplies no performance results or evidence that the rules are profitable. Results may depend on instrument, chart timeframe, execution assumptions, and parameter choices; the source also does not establish that the stated timeframe guidance is required by the code.

Key ideas

• The strategy records the high and low during the New York opening range and waits for the range to finish before seeking breakouts.
• A close beyond the range boundary signals a potential entry on the next bar, subject to direction and time filters.
• The stop is placed at the opposite range boundary, while take profit can use a fixed risk-reward level, a moving average exit, or both.
• Moving average type, period, entry cutoff, trade direction, and target settings are configurable.
• The document provides rules and script visuals but no backtest evidence or profitability assessment.

Tags

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