Time-Based Range Sweeps with Confirmation and Risk Controls
Summary
The visible script describes a day-trading framework that builds ranges during configurable London and New York sessions, using New York time by default. After a price sweep beyond a range, it can require one of several confirmations: a three-candle reversal, a change of character, an inverted fair value gap, or any of these. It also offers choices for handling candles that sweep both range boundaries, since OHLC bars cannot establish which boundary was reached first.
Risk inputs include stop placement at the sweep extreme, optionally with a tick buffer, or alternative ATR and fixed-point stops. The excerpt does not show the full entry, exit, or position management logic, nor does it provide backtest results. Treat it as a configurable strategy outline rather than evidence of profitability; its behavior and performance would need evaluation on the intended market, timeframe, and execution assumptions.
Key ideas
- The strategy forms separate intraday ranges during configurable London and New York sessions.
- A trade setup begins when price sweeps beyond a completed range.
- Entry confirmation can use a three-candle reversal, a structure break, an inverted fair value gap, or any listed confirmation.
- A same-bar sweep of both boundaries can be ignored because OHLC data does not reveal the order of intrabar events.
- Stop placement can reference the sweep extreme, ATR, or a fixed point distance.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.