Opening Range Breakouts with Fibonacci Levels and Risk Controls
Summary
This strategy builds an opening range over a configurable session window, then tracks its high and low as breakout thresholds. Signals are triggered when price crosses above the range high or below the range low, using either closing prices or bar highs and lows. A setting can limit signals to one per direction each day. Fibonacci retracement and extension levels are calculated from the range for chart display; they do not alter the described breakout trigger.
The script includes fixed per-contract commission and slippage assumptions, and its description refers to ATR-based risk controls, breakeven handling, and daily guards. The visible excerpt does not show how those controls are implemented, and it provides no performance results. Outcomes will depend on session and timezone settings, instrument, chart interval, and broker costs, so the stated defaults should not be treated as universal.
Key ideas
- The strategy records the high and low during a selected opening range and locks them when that window ends.
- Breakout signals occur when price crosses an opening range boundary during the active session.
- Users can choose close-based or wick-based triggers and limit signals to one per direction per day.
- Fibonacci retracement and extension levels are derived from the opening range for display.
- Trading costs and risk controls require calibration to the instrument and broker.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.