Analysis of Opening Range Breakout system
For 5 min opening bar, Buy or sell at the break of the high or low of the bar. SL at opposite ends. If SL not hit, carried till the EOD.
Data tested from Jan 2012 to 30 Oct 2016.
Time in Minutes and Nifty point Gained
5 5442.85
6 5514.85
7 5863.35
8 5921.85
9 6163.7
10 6253.55
11 6887.15
12 7192.3
13 7454.4
14 7338.0
15 7472.3
16 7540.45
17 7754.3
18 7863.2
19 7601.05
20 7323.4
21 7450.7
22 7264.8
23 7269.5
24 7265.65
25 7382.75
26 7280.05
27 7455.45
28 7401.65
29 7330.55
30 7233.5
Almost 1000 trading days, if we consider brokerage and slippage, then it's not a good system.