Opening Range Breakouts Filtered by SuperTrend and Volume

Summary

This intraday strategy builds an opening range from a configurable number of early-session candles, then looks for a close beyond the range high or low. Entry conditions also require a candle in the breakout direction, a SuperTrend direction check, and—when enabled—volume above its moving average. The script places a stop at the opposite range boundary and calculates a profit target from a configurable risk-reward multiple. It also closes an open position if price crosses the opposite range boundary.

Session time zone, opening time, range length, volume filter, and risk-reward ratio are adjustable. The author says the parameters are intended for liquid stocks, particularly Tesla, and reports a backtest claim of roughly 70 percent profit over six months on a five-minute Tesla chart. No trade list, test settings beyond those stated, or independent validation is supplied, so the result is not evidence of repeatable performance. Correct session settings are essential, and the author recommends recalibration for other instruments and testing before live use. The displayed SuperTrend condition and session-range array logic also merit careful verification before relying on the script.

Key ideas

• The strategy defines an opening range from a configurable number of candles and trades closes beyond its boundaries.
• SuperTrend direction, candle direction, and optional above-average volume filter breakout entries.
• The opposite range boundary acts as the stop, while a risk-reward multiple sets the target.
• The author reports a Tesla backtest claim but gives no detailed methodology or evidence of out-of-sample performance.
• Session timing and range construction should be verified when adapting the script to another market.

Tags

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