Ten-Candle Opening Range Breakout with Alternating Trades

Summary

This Nifty intraday strategy defines an opening range from the highest high and lowest low of a configurable number of session candles, set to ten by default. Once that range is established, it enters long when price crosses above the high or short when it crosses below the low. A daily state variable restricts successive trades to alternating directions: after a long, the next permitted trade is short, and vice versa. The strategy uses percentage-based profit targets and stops, and it blocks new entries after a configured cutoff before closing any open position at the end-of-day exit time.

The accompanying explanation describes opening-range breakouts as a way to infer early session direction and flags false breaks and reversals as risks. The script plots the range boundaries and includes no reported backtest results, trade statistics, or evidence that the approach is profitable. Its session handling depends on chart time settings, and users would need to check those settings, market hours, execution costs, and instrument suitability when evaluating it.

Key ideas

• The strategy builds an opening range from the highs and lows of the first configured session candles.
• A close crossing above the range high triggers a long, while a crossing below the range low triggers a short.
• A daily direction tracker requires eligible trades to alternate between long and short.
• Percentage-based targets and stops manage positions, with a time-based cutoff and end-of-day close.
• The description warns that false breakouts and reversals can undermine the signal, and it reports no tested performance.

Tags

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