Opening Range Breakouts from the Early Session High and Low

Summary

This strategy defines an opening range from the session’s highest and lowest prices during a configurable opening window. After that window ends, it enters long when the closing price crosses above the range high and short when it crosses below the range low. The example uses a 09:30–09:50 session, with times based on the exchange, and resets the range at the start of each day.

The script plots the range boundaries and can shade the area between them or the period when the range is forming. It is presented as a backtestable strategy, but the document provides no performance results. It also specifies no stop loss, profit target, or other exit rule, so those would need to be considered when evaluating it. Results may depend on the market, chart timeframe, session settings, and trading costs.

Key ideas

• The strategy tracks the session high and low during a configurable opening window.
• It enters long on a close crossing above the range high and short on a close crossing below the range low after the window ends.
• The range resets daily so each breakout signal uses that day’s session prices.
• The script displays the range visually but does not define stop loss or profit target rules.
• The document describes possible backtest adjustments but gives no performance evidence.

Tags

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