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Opening-Range Breakout Pullbacks with Overnight Confirmation

Article Strategy library · Author: kalvey16
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Summary

This strategy uses the first 15-minute New York regular-session bar to define an opening range, alongside the overnight session high and low. A directional setup is armed after a candle closes beyond the opening-range boundary and, by default, beyond the corresponding overnight level as well. The visible settings also specify a time window, a force-flat time, point-based stop and target distances, and a limit-order offset.

The script title and visible logic indicate a first-pullback approach: it tracks whether a pullback has already been used for each side, can invalidate a setup after a close back inside the opening range, and cancels stale rolling limits after a configurable number of bars. The supplied document ends partway through the code, so the full entry, exit, and order-management rules cannot be confirmed. It gives no backtest results or performance evidence; outcomes will depend on instrument, bar interval, session handling, fills, and parameter choices.

Key ideas

  • The opening range is defined by the first 15-minute bar of the New York session.
  • A setup can require closes beyond both the opening range and the overnight range.
  • The strategy is designed to permit only the first pullback per direction each day.
  • Visible risk controls include point-based stops and targets, stale-order cancellation, and a force-flat time.
  • The supplied code is truncated, and the document reports no performance results.

Tags

FuturesBreakoutUS marketsExecutionRisk management

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