Opening Range Breakout Continuation and Reversal Strategy

Summary

This intraday strategy defines an opening range during a configurable market session, with the example using the first 15 minutes after the New York open. After that range closes, continuation entries can trigger when a candle closes beyond its high or low. Stops for these trades can be placed at the range midpoint or the opposite boundary, and profit targets use a configurable reward-to-risk multiple.

The script also describes a failed-breakout reversal: if price closes back inside the range after the first breakout, it can close a continuation position and enter in the opposite direction. Settings control whether continuation and reversal trades are enabled, whether a reversal may occur after the first trade has closed, position quantity, and end-of-session liquidation. The excerpt includes commission and slippage assumptions but is truncated before the full implementation and provides no performance results. Outcomes will depend on chart timeframe, session settings, execution costs, and the behavior of breakouts on the chosen instrument.

Key ideas

• The opening range is formed over a configurable session window.
• Continuation entries follow a candle close beyond the completed range.
• Stops can reference the range midpoint or its opposite boundary, with a configurable reward-to-risk target.
• A close back inside the range after an initial breakout can trigger an opposite-direction reversal.
• The supplied code excerpt is incomplete and contains no reported strategy results.

Tags

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