Opening Range Breakout SPY
A 5‑minute opening‑range breakout on SPY with a volume filter, a stop just below the range low (or its midpoint if the range is wide), a 2R profit target, and a flat‑by‑close rule, risking 0.5% per trade.
Market Stocks
Style Breakout
Timeframe Scalp 1m-5m (5m)
Level Intermediate
Tools Volume, Support and resistance
Saved 1 time
Run 0 times Tested
Testing needs market data for this symbol. Past results do not guarantee future results.
The rules
Setup Lane (first to light up) stocks Instrument(s) SPY Primary timeframe 5 minute
Trigger Pullback definition Opening range: high and low of first 15 minutes after open
Entry Entry trigger 5 minute candle closes above opening range high with volume above its 20 bar average
Stop Initial stop Just below opening range low, or midpoint if range is wide
Exit Profit target (optional) 2R Time / session exit (optional) Flat by market close
Risk Risk per trade 0.5% Max concurrent positions 1
Strengths Clear, quantitative entry condition Volume filter helps avoid weak breakouts Defined risk per trade limits drawdown Single daily trade reduces overtrading Risks Breakouts can be false, leading to early stops Wide ranges may place stops too close to volatility Flat‑by‑close exit may force a loss at market close Only one trade per day may miss better opportunities Source
A JustWavey pick: a well known public strategy, written out in plain words by the JustWavey team.
Version history
Version Saved Changed boxes 1 2026-10-17 First version
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