Structure
Opening Range Breakout Entries
Boxes the opening range for the session you choose and confirms the break on a close rather than a wick.
The opening range breakout is among the oldest intraday strategies in use, and most of the difficulty in trading it comes from wicks. Price pokes through the range, triggers everyone watching, then closes back inside.
Confirmation here defaults to a close beyond the range rather than a wick through it, which removes the largest single source of false triggers. The wick method remains available for traders who want the earlier signal and accept the cost. Retest alerts fire when price returns to the broken edge, and optional take profit levels extend from the break at distances you set.
The range length, the start time and the session timezone are all configurable, so the same script covers a five minute opening range and a thirty minute one.
How to read it
- A close beyond the range is the signal. A wick through it is not, unless you change the setting deliberately.
- The failed break, where price closes back inside the range, frequently offers the better trade.
- Shorter ranges give earlier entries and more noise. Longer ones give fewer and cleaner ones.
Questions
How does this differ from the initial balance?
The underlying idea is the same. This is an entry tool with break confirmation and targets, while the initial balance script is built for context and statistics.
Which range length should I use?
Fifteen and thirty minutes are the usual choices on equities. Test both on the symbol you trade.
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All 15 GapAlgo indicators are public on TradingView. Add them to a chart and they work.
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