Nifty Opening Range Breakout with Alternating Direction Trades

Summary

This Nifty intraday strategy builds an opening range from the first 10 candles of each day, with the candle count adjustable. Once the range is complete, it enters long when the close crosses above the range high or short when it crosses below the range low. A daily direction rule alternates trades: after a long, only a short can be taken next, and vice versa. The rule resets each day.

Entries are restricted by a configurable last-entry hour, while open positions are closed at a configurable end-of-day time. Trades also receive percentage-based profit targets and stop losses. The document gives the Pine Script logic and a general explanation of opening-range breakouts, but provides no reported performance results or validation. Breakouts can fail or reverse, and outcomes may depend on candle size, session settings, execution assumptions, and the selected parameters.

Key ideas

• The strategy defines the opening range using the high and low of the first 10 candles, with the count configurable.
• A close crossing above the range high triggers a long, while a cross below the low triggers a short.
• Trades alternate direction after each completed entry, and this memory resets at the start of a new day.
• Percentage-based targets and stops manage exits, with a time-based end-of-day close and a last-entry cutoff.
• The document supplies no performance evidence, so breakout reliability and parameter choices remain unvalidated.

Tags

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