Open Range Breakout Strategy With Multi TakeProfit

Hello everyone,

For a while, I’ve been wanting to develop new scripts, but I couldn’t decide what to create. Eventually, I came up with the idea of coding traditional and well-known trading strategies—while adding modern features such as multi–take profit options. For the first strategy in this series, I chose the Open Range Strategy.

For those unfamiliar with it, the Open Range Strategy is a trading approach where you define a specific time period at the beginning of a trading session—such as the first 15 minutes, 30 minutes, or 1 hour—and mark the highest and lowest prices within that range. These levels then act as reference points for potential breakouts: if the price breaks above the range, it may signal a long entry; if it breaks below, it may indicate a short entry. This method is popular among day traders for capturing early momentum in the market.

Since this strategy is generally used as an intraday strategy, I added a Trade Session feature. This allows you to define the exact time window during which trades can be opened. Once the session ends, all positions are automatically closed, ensuring trades remain within your chosen intraday period.

Even though it’s a relatively simple concept, I’ve come across many different variations of it. That’s why I created a highly customizable project. Under the Session Settings, you can select the time window you want to define as your range. Whether it’s the first 15-minute candle or the entire first hour, the choice is entirely yours.

For stop-loss placement, there are two different options:

Middle of the Range – The stop loss is placed at the midpoint between the high and low of the defined range, offering a balanced buffer for both bullish and bearish setups.

Top/Bottom of the Range – The stop loss is placed just beyond the range’s high for short trades or just below the range’s low for long trades, providing a more conservative risk approach.

I’ve always been a big fan of the multi take-profit feature, so I added two different take-profit targets to this project. Take profits are calculated based on a Risk-to-Reward Ratio, which you can adjust in the settings. You can also set different position sizes for each target, allowing you to scale out of trades in a way that suits your strategy.

The result is a flexible, user-friendly strategy script that brings together a classic approach with modern risk management tools—ready to be tailored to your trading style