EP001 - 15m Opening Range Audit (Fade vs Breakout) — Strategy by CodeTheTruth
By CodeTheTruth
Performance Metrics
- Author: CodeTheTruth
- Symbol: NASDAQ:PLTR
- Timeframe: 5 minutes
Description
1. Strategy Overview & Baseline AuditA widely circulated intraday setup ("The One Candle Scalping Strategy") proposes fading false breakouts during the New York opening session. To evaluate its statistical edge objectively, we coded both the original counter-trend rules and an inverted momentum breakout model into this single Pine Script v5 strategy so traders can toggle between both modes and verify the performance directly on their charts.Core Mechanical Rules:- Opening Range (OR) Definition: Marks the high and low of the first 15-minute candle (09:30–09:45 EST).- Volatility Filter: The 15-minute OR height must be at least 25% of the 14-day Daily ATR (calculated using confirmed prior-day data [1] to prevent look-ahead bias). If the range is too narrow, the strategy skips trading for the day.- Candlestick Pattern Trigger (5m Chart): Waits for price to breach the OR boundary and print either a strict Hammer / Inverted Hammer (primary wick > 2x body, opposite wick OR High + Bullish Hammer or Bullish Engulfing confirmation (09:30–11:30 EST).- Short Entry: Close Inputs tab and toggle "Strategy Logic Mode" between Original and Flipped to compare the equity curves side-by-side.- Adjust the "Minimum OR Range (Daily ATR %)" and "Risk:Reward Ratio" across different tickers and timeframes to test parameter neighborhood robustness.- For the full side-by-side video breakdown, multi-asset parameter sweeps, and 8-pillar institutional stress tests, check our TradingView profile link below.