New York Pre-Open Range Breakout Retest with ATR Stops

Summary

This strategy records the high and low during a New York pre-open session, then watches for a close beyond either boundary during regular trading hours. A close above the range sets a prospective long limit entry at the range high; a close below sets a short limit entry at the range low. The stop is placed beyond the opposite range boundary with an ATR-based buffer, and the target is set using a configurable multiple of the entry-to-stop distance. Pending orders are canceled after a configurable time if they remain unfilled.

The script limits activity to one position per day once an order fills and includes chart drawings for entry, stop, and target levels. Its stated use is a strategy example, and a brief comment mentions crude oil, but no test results or evidence of profitability are supplied. The rules depend on the chart timeframe, session settings, market data, and order-fill assumptions; the “retest” label does not ensure an actual retest fill. Users should also verify day resets, session boundaries, and order handling for their intended instrument.

Key ideas

• The strategy defines a reference range from the New York pre-open session high and low.
• A regular-session close outside the range triggers a limit order at the breached boundary.
• Stops sit beyond the opposite side of the range with an ATR buffer, while targets scale with stop distance.
• Unfilled orders expire after a configurable duration, and a filled position prevents another daily trade.
• The document gives no performance statistics, so the strategy’s effectiveness is unestablished.

Tags

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