Session Opening Range Breakouts with Trailing Stops

Summary

This strategy defines opening ranges for the London and New York sessions, then looks for trades when price closes beyond a range boundary by a configurable minimum distance. It can trade either or both sessions, use a 15-minute exponential moving average to filter direction, and apply an Asia-range condition before allowing entries. The visible rules limit trades per session and require price to return inside the opening range before a stopped-out setup can be tried again.

The initial stop is set at the breakout bar’s opposite extreme, and position quantity is calculated from a chosen account risk percentage and a dollar-per-point input. The script tracks trade progress in R levels, adjusts stops as trades develop, and can close positions at configured session end times. It includes example account, fee, and slippage assumptions, but the excerpt is incomplete and provides no performance results. Results depend on instrument, chart timeframe, data quality, and execution assumptions; the range timings and point-value inputs may not suit every market.

Key ideas

• The strategy builds separate opening ranges for London and New York before evaluating breakouts.
• Entries require a close beyond the range by a configurable distance, with optional EMA and Asia-range filters.
• An initial stop based on the breakout bar supports risk-based quantity calculation.
• After a stop-out, price must return inside the range before another entry can qualify.
• The available text provides settings and logic excerpts but no evidence of profitability.

Tags

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