Opening-Range Breakouts with Retests, Session Levels, and Scaled Exits

Summary

This strategy centers on an opening range whose start time and duration can be configured. It supports direct breakouts, retests of the broken boundary, or retests of the range midpoint, with a timeout for waiting on a retest. Long and short trades receive a stop at the range midpoint, the opposite edge, or a user-selected fixed distance. Profit targets are expressed as risk multiples, with configurable contract quantities for staged exits.

The broader script is designed to display and track prior-day highs and lows and Asian, London, and New York session ranges, with optional boxes, midlines, extensions, alerts, and other chart features. The excerpt includes the ORB signal and order logic but omits much of the remaining source, so its full behavior cannot be verified here. It specifies example defaults and backtest settings but supplies no performance results; commission and slippage defaults are zero, so realistic evaluation would require suitable costs and instrument settings.

Key ideas

• The opening range can be traded on breakout, boundary retest, or midpoint retest signals.
• Stops can use the range midpoint, its opposite boundary, or a fixed point distance.
• Profit-taking supports multiple risk-multiple targets and configurable partial quantities.
• The script also tracks prior-day and session highs and lows, though the supplied source is incomplete.
• No strategy performance evidence is provided, and the listed cost assumptions are zero.

Tags

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