Opening Range Breakout with Session, Trend, and Risk Filters

Summary

This script describes an opening range breakout strategy. It defines the range during the early New York session, then permits breakout entries during a later morning window and imposes a hard time cutoff for closing positions. Risk controls include a choice between a midpoint stop and a stop at the opposite edge of the range, a configurable risk-to-reward target, and an optional move to breakeven after the trade reaches the stated threshold. Optional filters cover daily trend alignment, breakout volume, and opening-range size relative to ATR. The script also offers pullback limit entries and dynamic risk sizing with a contract cap.

The provided text ends partway through the source, before the entry and exit implementation is visible. It includes commission and slippage assumptions in the strategy declaration, but no results or performance report. The parameter descriptions explain the intended filters; they do not establish that limit entries reduce slippage or false breakouts, or that the filters improve outcomes. The strategy’s behavior and effectiveness therefore cannot be fully assessed from this excerpt alone.

Key ideas

• The strategy defines an opening range and trades breakouts during a specified morning session.
• Stops can be set at the range midpoint or its opposite boundary.
• Optional controls include daily trend, volume, and ATR-based range filters.
• The script includes options for pullback limit entries, risk-based sizing, and breakeven stops.
• The source excerpt is incomplete and supplies no performance results.

Tags

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