Myth Busting E02 - Quick Flip Scalper [PyneSys] — Strategy by PyneSys
By PyneSys
Performance Metrics
- Author: PyneSys
- Symbol: NASDAQ:NVDA
- Timeframe: 5 minutes
Description
Myth Busting E02 - Quick Flip ScalperPURPOSE AND SCRIPT AUTHORSHIPThis script was independently written by PyneSys. Carl / ProRealAlgos is credited for presenting the trading concept, not for authoring this code.A mechanical interpretation of the opening-range reversal concept attributed to Carl / ProRealAlgos. This implementation makes otherwise incomplete candle geometry, entry timing, order expiry, daily trade limits and exits testable. It does not claim to reproduce unknown original code or confirm profitability. Three entry interpretations are provided to compare distinct causal hypotheses. Signals and execution both use a standard FIVE-MINUTE chart. Each complete chart candle is a signal candle; other chart timeframes are rejected. Sections read top to bottom; the default setup is complete by section 5, and section 8 places every order.COPYRIGHT AND LICENSEScript copyright (c) 2026 PyneSys LLC. The Pine and matching compiled Pyne source are licensed under MPL-2.0. When distributing covered source, retain copyright/license notices and provide modified covered source under MPL-2.0. Commercial use is allowed; no trademark rights are granted. This code copyright is separate from trading-concept attribution. The full terms are in LICENSE.txt.OPENING RANGE AND DIRECTIONUse instruments whose available session data support the New York regular session window 09:30-16:00. America/New_York handles daylight saving time. This fixed clock schedule is not a generic local-session detector for every exchange. The opening range is 09:30-09:45, assembled from three opening five-minute bars. A late start, missing opening bars, zero-width range or doji opening is invalid.If the opening close is above its opening price, seek shorts above the range. If it is below, seek longs below the range. By default the range must be at least 25% of daily ATR14. Setting Minimum opening range / daily ATR to zero disables this threshold. ATR is retrieved from the symbol's native daily feed with lookahead off, then frozen at the first observed bar of each New York date. Missing daily ATR rejects an ATR-filtered setup. Session alignment and historical/realtime daily mapping affect which value is frozen; this is not a universal guarantee that every venue or chart session has the same daily ATR.SIGNALS AND CANDLE DEFINITIONSEligible five-minute signals start at or after 09:45 and must close strictly before 11:00 New York. Require reversal pattern is on by default. For a long, the hammer rejection wick is below; for a short it is above. The body must be at least one tick, the rejection wick at least twice the body, and the opposite wick no larger than the body. Engulfing requires opposite candle colors and full body coverage, including equality at the body edges.Signal location defaults to Body outside: the whole signal body is strictly below the opening low for longs, or above the opening high for shorts. Wick outside or Whole candle outside are optional alternatives. Missing/incomplete signal candles invalidate previous-candle context rather than synthesizing it.THREE ENTRY INTERPRETATIONS- Confirmed market (default): hammer or engulfing after the signal closes. Submit a market entry, normally filled at the next five-minute bar's open.- Intrabar stop: after a red candle for a long or a green candle for a short, or a rejection hammer, place a stop entry at its high for longs or low for shorts. The following candle need not complete an engulfing pattern; its future extremes are not used to place the order. The name refers to possible fill timing, not tick-by-tick calculation.- Confirmed limit: after an engulfing closes, place a retracement limit at the preceding signal candle's high for longs or low for shorts. Reject a limit already marketable at the current close so it remains a retracement test.The pattern requirement can be disabled explicitly. Order levels and brackets are rounded to the symbol's tick size. Pending orders expire at the next five-minute close or at the 11:00 boundary, after that bar's fills are processed. New York date changes also cancel pending orders and reset setup state.STOPS, TARGETS AND OPTIONAL RULESThe stop is beyond the signal extreme with a default one-tick buffer. The target defaults to Far boundary: opening high for longs, opening low for shorts. Near boundary is a separate hypothesis. Planned entry, stop and target must have a positive directional distance; otherwise the order is rejected. Next-bar market fills or gaps can differ from the reference entry, changing actual risk and reward/risk. The script does not resize a trade to fixed risk.Maximum filled trades per day defaults to 1. Entries and exits within one execution bar still count. A position must be flat to submit a new eligible entry. At the regular-session last bar or 16:00 New York close, cancel pending orders and request an immediate closing market exit. This depends on actual session data and last-bar metadata; no missing closing bar is synthesized.Volume filter is off by default. When enabled, require volume above the mean of the previous 20 complete signal candles; insufficient history rejects it. The volume history persists across dates. Extra confirmation is off; when on, require the following completed five-minute signal candle to close beyond the original signal's extreme, retaining its stop. Move stop to near boundary is off; when on, ratchet it after a completed 5-minute close crosses that boundary. These switches, target choices and thresholds are research assumptions, not optimized settings or evidence of improvement.CHART OUTPUTOpening high/low, stop and target are plotted. Candidate circles are on by default; submitted orders and rejected setups have separate markers. The Data Window includes frozen daily ATR, candidate levels, filled trade count and rejection code: 1 range/ATR, 2 volume, 3 daily limit, 4 open position, 5 invalid risk geometry or marketable limit. A candidate marker is not an executed trade.STRATEGY PROPERTIESInitial capital is 1,000,000, order size one unit (contract/share/lot according to the instrument), pyramiding 0. The large retained capital and fixed unit are research controls to avoid capital shortage dominating rule comparisons, not a recommended account balance or fixed-risk allocation. Account-return percentages can be dominated by this capital choice and are not risk-normalized research statistics. Choose your own capital and sizing before evaluating risk. Commission type is percentage with value 0; slippage is 0 ticks. Calculation on every tick and after fills are disabled. process_orders_on_close is false for entries; the session-closing exit alone uses immediate execution. Base currency follows the symbol default. Margin is not overridden: Pine v6 defaults to 100% long/short. Bar Magnifier is not enabled by the source; limit-fill verification defaults to 0 ticks. Historical stop/target ordering uses the broker emulator's assumed price path. Bar Magnifier, another feed or changed Properties can alter outcomes; none guarantees real tick execution or a live fill.COSTS AND INTERPRETING RESULTSCommission and slippage default to zero for a gross research baseline across markets, not an assumption of free trading. Instrument, broker, venue and order type determine costs; one preset would not represent them all. Default results exclude costs and are not achievable net returns.Before assessing performance, use Settings > Properties to set your commission type/value and slippage in ticks. Commission applies at entry and exit; slippage affects market/stop fills and does not fully model limit execution. Spread, funding, borrow fees and other applicable costs need an explicit model, avoiding double-counting costs represented by commission/slippage. Separate research cost sensitivity calculations are not this script's Strategy Tester output.TEST SCOPEPublication checks on October 28, 2026 used NVIDIA on the NASDAQ chart, with TradingView's Cboe One data, standard 5-minute candles and the default inputs and Properties. The available-chart report for October 20, 2025 through October 28, 2026 contains 49 closed trades. A separate Entire history Deep Backtesting run for January 3, 2000 through October 28, 2026 contains 1,127 closed trades. Deep Backtesting uses additional history; its trades do not appear on the chart, and its results are not the attached chart report. These gross checks verify execution and sample size; they do not reproduce the episode's Capital.com dataset or establish a profitable system. The 49-trade chart sample is too small for a reliable performance conclusion. Record the symbol/feed, standard timeframe, session, date window, inputs, Properties, closed trade count and costs when comparing runs. Provider, history, session and intrabar differences can change results. Historical simulations do not establish future performance or demonstrate that the source idea is profitable.USAGE AND LIMITATIONSApply to standard 5-minute candles with sufficient opening-session and daily history. Start with Confirmed market, Body outside, ATR threshold 25%, pattern requirement on, one-tick stop buffer, one filled trade per day and Far boundary target. Leave volume, extra confirmation and stop moving off for that baseline. Set your market-specific Properties costs, capital and sizing. Compare one variant at a time and inspect range construction, rejected signals, fills and the session close. A chart's display timezone does not change the script clock. The source concept leaves order lifetime, pattern geometry and retries partly undefined; these explicit choices are our interpretation, not the author's verified exact system. Historical OHLC execution is not observed tick trading.