Nifty Opening Range Breakout with Alternating Trades and Fixed Exits

Summary

This script outlines an intraday opening range breakout strategy for Nifty. It builds a range from the high and low of the first configurable number of candles, then looks for a close crossing above the range high or below the range low. Long and short trades must alternate: after a long, another long is disallowed until a short occurs, and vice versa. A daily reset clears the range and trade direction memory.

The implementation exposes percentage-based profit targets and stop losses, a cutoff for new entries, and a time for closing open positions at the end of the session. It also plots the completed range. The accompanying description frames opening-range breaks as momentum signals during a volatile market open, but the document gives no backtest results or supporting data. The script’s behavior depends on chart timeframe, session and time settings, and the way the opening candles are defined. The alternating-trade rule can also skip repeated signals in the same direction, while fixed percentage exits may not reflect changing volatility or execution costs.

Key ideas

• The strategy defines an opening range from a configurable number of early session candles.
• A close crossing the range high triggers a long, while a cross below the low triggers a short.
• Trade direction alternates after each entry, with the direction memory reset daily.
• Percentage profit targets and stops, an entry cutoff, and an end-of-day close govern exits and timing.
• The document supplies no performance results, and live behavior depends on session and chart settings.

Tags

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