One-Trade-Per-Day Opening Range Breakout with CHoCH and Fair Value Gaps

Summary

This intraday strategy first records the high and low of an opening range, then permits a single trade per day after that range is established. A long requires a close above the range high, a recent break of a swing high interpreted as a Change of Character, and a bullish fair value gap. Shorts apply the mirrored conditions below the range. Session settings restrict entries and force positions closed near the end of the trading day.

The opening-range width defines the unit used for profit management: the script sets a target at twice that width and takes half off after a one-range favorable move or an opposing short- and long-term simple moving average crossover. It also uses an ATR trailing order and moves a stop to entry after a time delay. The page reports a recent NQ result, but this is a short sample presented by the author, not independent validation. The accompanying code and description also differ on the ATR multiplier and the stated initial stop, so the exact exit behavior warrants code review and broader testing.

Key ideas

• The opening range sets directional breakout thresholds and determines the strategy's range-based reward levels.
• Entries require a breakout, a recent swing-level break, and a fair value gap in the same direction.
• A daily trade limit, session cutoff, and end-of-day close constrain trading activity.
• The strategy combines an ATR trail, a range-based partial exit, a moving-average exit condition, and a delayed break-even stop.
• Reported performance covers a recent sample, and details in the prose do not fully match the code.

Tags

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