Daybreak Strategy [Achira Meegasthanne] by achirameegasthanne
By achirameegasthanne
Performance Metrics
- Author: achirameegasthanne
- Symbol: NASDAQ:GOOG
- Timeframe: 1 hour
- Profit Factor: ,
Description
Daybreak StrategyDaybreak Strategy is an Opening Range Breakout (ORB) strategy designed to capture potential directional moves based on the high and low of the 9:00 opening candle on the 1-hour timeframe.The strategy places breakout stop orders above and below the opening range, with the entry distance dynamically adjusted using ATR and the selected Sensitivity.🔹 KEY FEATURES⏱️ 1-HOUR TIMEFRAMEThe strategy is specifically designed to operate on the 1-hour timeframe.The opening range is taken from the 9:00 candle, making the 1H timeframe important for the intended ORB calculation.📊 OPENING RANGE BREAKOUTThe strategy records:• Opening Range High• Opening Range Low• Opening Range Range• Opening Range MidpointThese levels are displayed in the on-chart dashboard and used to establish potential breakout entries.🟢 LONG BREAKOUTA Long stop order is placed above the Opening Range High.The entry level is calculated using:Opening Range High + ATR × SensitivityThis allows the breakout distance to adapt to current market volatility.🔴 SHORT BREAKOUTA Short stop order is placed below the Opening Range Low.The entry level is calculated using:Opening Range Low − ATR × SensitivityThis provides a volatility-adjusted downside breakout level.⚙️ CUSTOMIZABLE SETTINGSThe strategy provides several user-controlled settings:• Sensitivity• Take Profit• Stop Loss• Up Color• Down Color• Dashboard• Dashboard Size• Dashboard ColorThe default Sensitivity is 0.5.🎯 TAKE PROFIT & STOP LOSSEach Long and Short entry uses predefined Take Profit and Stop Loss values.Default settings:• Take Profit = 40 ticks• Stop Loss = 25 ticksThese values can be adjusted according to the user's preferred testing configuration.📈 ATR-BASED ENTRYThe strategy uses a 14-period ATR to dynamically calculate the distance between the opening range and the breakout entry level.This allows the entry distance to respond to changing market volatility.🌅 DAILY OPENING RANGEThe opening range is reset at the beginning of each new trading day.The 9:00 candle high and low are captured once per day and used as the day's Opening Range levels.🔄 ONE-TIME ORDER PLACEMENTThe strategy places the Long and Short breakout orders only once after the Opening Range has been established.This prevents repeated placement of the same breakout orders during the session.⏰ END-OF-DAY ORDER CANCELLATIONUntriggered Long and Short stop orders are cancelled during the defined end-of-session period around 21:30–22:00.This prevents remaining breakout orders from continuing indefinitely after the intended trading session.📍 VISUAL BREAKOUT LEVELSThe Opening Range High and Opening Range Low are plotted on the chart as step-style levels.• Buy Stop level = Opening Range High• Sell Stop level = Opening Range LowThese levels make the daily breakout structure easy to identify visually.📋 TRADING DASHBOARDThe strategy includes an on-chart dashboard displaying important Opening Range information.The dashboard can show:• Current Bias• Opening Range High• Opening Range Low• Opening Range Range• Opening Range MidThe dashboard also displays a message when the strategy is not being used on the 1-hour timeframe.🧭 MARKET BIASThe strategy determines a directional bias from the 9:00 opening candle.The dashboard displays either:LongorShortbased on the opening candle's relationship between its Close and Open.📊 PERFORMANCE STATISTICSThe strategy includes a statistics dashboard containing:• Total Trades• Win Rate• Starting Capital• Ending Capital• Average Win• Average Loss• Profit Factor• Max Runup• Return• Max DrawdownThese statistics provide a quick overview of the strategy's historical backtest performance.💰 PROFIT & LOSS ANALYSISThe performance section uses the strategy's calculated trading results to display:• Net Profit• Gross Profit• Gross Loss• Winning Trades• Losing Trades• Return Percentage• Profit FactorThis allows users to evaluate the historical performance directly from the chart.🧠 HOW IT WORKS1. Detect New Trading DayThe strategy resets the Opening Range variables at the beginning of each new day.2. Capture the 9:00 CandleThe high and low of the 9:00 candle are recorded as the day's Opening Range High and Opening Range Low.3. Calculate ATRA 14-period ATR is used to measure current market volatility.4. Calculate Breakout LevelsLong and Short stop orders are positioned around the Opening Range using ATR multiplied by Sensitivity.5. Wait for BreakoutA Long position can be triggered when price reaches the upper breakout level.A Short position can be triggered when price reaches the lower breakout level.6. Apply Risk ManagementTake Profit and Stop Loss values are applied to the corresponding position.7. Cancel Remaining OrdersUntriggered breakout orders are cancelled during the defined end-of-day session.8. Display PerformanceThe dashboard provides Opening Range information and historical strategy statistics.📌 CORE CONCEPT9:00 Opening Range → ATR Adjustment → Breakout Stop Orders → Take Profit / Stop Loss → End-of-Day Management⚠️ IMPORTANT DISCLAIMERThis strategy is provided for market analysis, backtesting, and educational purposes.Historical strategy performance does not guarantee future results.Backtest statistics such as Win Rate, Profit Factor, Return, and Max Drawdown can vary significantly depending on the market, timeframe, trading session, and selected inputs.Always perform your own analysis, apply proper risk management, and thoroughly test the strategy before using it with real capital.Capture the opening range. Wait for the breakout. Let volatility define the entry.