Opening Range Playbook

Write one version of the playbook before choosing the sample: instrument and calendar, range window, trigger, stop logic, target logic, permitted attempts, event exclusions and risk limits. Record a version date. A rule change starts a new sample rather than rewriting earlier decisions.

Use consecutive eligible sessions, including flat days and losses. Hide future candles, save the completed range before entry and record whether the trigger actually occurred. Note spread, estimated costs, available fill evidence and any ambiguous intrabar sequence. If a bar touches both stop and target and you cannot determine the order, mark the outcome ambiguous rather than claiming the favourable one.

Review adherence, frequency, wins and losses, average R, costs and drawdowns together. A small exercise sample teaches the workflow; it cannot demonstrate stable future performance. Broader testing must include different conditions and realistic execution assumptions.

Worked example

Across a hypothetical five-session exercise, two days have no trigger, one is excluded by an event rule, one loses 1R and one wins 2R before costs. Report all five sessions. “One winner out of two trades” omits the participation rate, exclusions and the cost assumptions unless you record them separately.

Try it in replay

Create five consecutive replay records using one rule set. Include range high/low, entry eligibility, actual or assumed fill, stop, target, costs, outcome, screenshots and any uncertainty. Finish with one specific process improvement.

Check your reasoning

A good first review can conclude that the method needs more study or is unsuitable for your constraints. Preserve every record. Revisit Risk & Trade Planning if sizing or execution assumptions are unresolved.