Opening Range Breakouts with Retest Entries and Risk Targets

Summary

This script describes an opening range breakout strategy with configurable session start and range duration. After the range is formed, traders can enter on a candle close beyond its boundary, wait for a retest of the broken level, or wait for a retest of the range midpoint. A timeout limits how long the script waits for a retest. The displayed settings also include stop placement at the midpoint, the opposite range edge, or a fixed distance, plus staged profit targets expressed as reward-to-risk multiples and quantities to close.

The script offers chart levels, alerts, and backtest trade signals, but the supplied document ends partway through the inputs. It therefore does not show the full entry, exit, or session-level logic, nor any backtest period, instrument, or performance report. The visible strategy settings specify zero commission and slippage, so any results produced with those assumptions would not account for trading costs. The method’s outcomes would also depend on the chosen session, range length, entry mode, and risk settings.

Key ideas

• The opening range is defined by a configurable start time and duration.
• Entry modes include a boundary breakout, a retest of the broken level, and a retest of the range midpoint.
• Retest entries have a configurable bar limit for waiting after a breakout.
• Stops can use the range midpoint, the opposite edge, or a fixed point distance.
• The provided excerpt lacks complete strategy logic and performance results, and its visible cost settings are zero.

Tags

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