This script monitors opening gap conditions and breakout behavior relative to the first candle's range across up to twenty configurable stock tickers. It detects whether following bars remain inside the opening range before breaking out, displaying the status
Strategy · Pine Script v5 · On the chart
MR First Entry Backtester
A strategy for 5-minute charts that builds a morning range of either five or fifteen minutes after the market open and takes the first breakout entry, with an entry buffer in ticks.
GitHub stars1on the repository
Pine versionv5runs as is
Lines of code824
Settings21inputs
LicenceNone stated
Last update1 year ago12 Sep 2025
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
An optional trend filter buys only above and sells only below the 50 EMA, and an ATR to range ratio threshold screens days. The stop is a percentage of entry price, with three staged take profits at set reward-to-risk multiples. Size is derived from a money-risk input. It shows labels and trade statistics on the chart.
- Five or fifteen minute morning range breakout
- Optional 50 EMA trend filter
- Percentage stop loss
- Three staged reward-to-risk targets
- Money-risk position sizing and trade labels
Details
Published by
gaurav4ever on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Breakout, Sessions & time
Markets
Stocks, Indices
Timeframes
M1-M5
Risk Notes
- The strategy enters trades without a stop loss
Repository
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Bars Back to Start Backtest | int | 10 | backTestStartBars |
| Morning Range Type | string | 5MR | rangeType |
| Respect Trend (Buy above 50EMA, Sell below 50EMA) | bool | true | respectTrend |
| Risk in Money | float | 30 | initRisk |
| Stop Loss (% of entry price) | float | 0.75 | stopLossPercent |
| First Take Profit (R:R) | float | 3.0 | tp1RR |
| Second Take Profit (R:R) | float | 5.0 | tp2RR |
| Third Take Profit (R:R) | float | 7.0 | tp3RR |
| First Take Profit Size (%) | float | 10.0 | tp1Size |
| Second Take Profit Size (%) | float | 40.0 | tp2Size |
| Tick Size | float | 0.01 | tickSize |
| Entry Buffer in Ticks | int | 5 | tickBuffer |
Show all 21 settings
| Setting | Type | Default | Variable |
|---|---|---|---|
| Commission Per Share | float | 0.0 | commissionPerShare |
| ATR Length | int | 14 | atrLength |
| ATR/MR Ratio Threshold | float | 3.0 | atrToMRRatioThreshold |
| Lookback Period (Days) | int | 27 | lookbackPeriod |
| Show Entry/Exit Labels | bool | true | enableVisualLabels |
| Show Trade Stats Labels | bool | true | enableTradeLabels |
| Enable Debug Logs | bool | true | enableLogs |
| Long Color | color | color.green | longColor |
| Short Color | color | color.red | shortColor |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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