Range Breakout Entries with Paired Stop Orders

Summary

The strategy defines a recent price range from the highest high and lowest low over a lookback window. It places a buy stop above the range and a sell stop below it, with a configurable distance. When one order triggers, the other should be cancelled; after an entry, the system waits for a fresh sequence of candles before setting new orders. A time window controls when the system counts candles and maintains pending entries.

The example supplies configurable position size, stop loss, take profit, lookback, and entry distance, and describes default settings optimized on EURUSD five-minute data over 20,000 bars. The source characterizes those settings as exploratory rather than generally suitable. It gives no performance figures or validation beyond that limited optimization, and execution details such as canceling the paired order and session handling matter to faithfully implementing the described rules.

Key ideas

• The system places paired stop orders beyond the recent high and low to enter on a range break.
• The entry distance and range are set using configurable point and lookback values.
• After one pending order executes, the opposite order should be removed and the system waits before resetting entries.
• Trading is restricted to a configured time window, with pending orders removed at its end.
• The stated default optimization uses EURUSD five-minute data over 20,000 bars and is not presented as universal evidence.

Tags

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