An Opening Range Breakout (ORB) strategy enters when price closes beyond the high or low of the first 15 to 30 minutes of the session, exiting on an opposite signal or a stop at the other side of the range. To automate it on Tradovate with PickMyTrade, build the ORB logic as a TradingView alert, point its webhook at your PickMyTrade Tradovate connection, and PickMyTrade places the order the moment the alert fires, no manual entry required.
What Is an Opening Range Breakout Strategy?
Opening Range Breakout (ORB) is a rules-based day-trading strategy. You define the “opening range” as the high and low of the first 15 to 30 minutes of the session, then trade in the direction of the breakout: go long when a full candle closes above the range high, go short when it closes below the range low. Studies of the strategy show it underperforms on low-volume or low-volatility days, so most traders apply it only to liquid instruments during their regular session.
ORB Rules at a Glance
| Rule | Typical Setting |
|---|---|
| Opening range window | First 15 or 30 minutes of the regular session |
| Long entry | Full candle closes above the opening range high |
| Short entry | Full candle closes below the opening range low |
| Stop loss | Opposite side of the opening range, or its midpoint |
| Trades per session | One per side (one-and-done) |
| Risk per trade | 0.25% to 1% of account, predefined before entry |
Automating ORB on Tradovate with PickMyTrade
Tradovate is cloud-based, so there’s no VPS or terminal to keep open. Connect your Tradovate account in PickMyTrade, then build your ORB alert on the current front-month contract; since Tradovate rolls to the active contract automatically, double-check your TradingView chart is on the same continuous contract your PickMyTrade connection trades so the opening range is measured on the instrument you’ll actually execute on.
For the full connection walkthrough, see Tradovate setup with PickMyTrade.
ORB Automation on Other Brokers
Frequently Asked Questions
Can I automate an ORB strategy on Tradovate without coding?
Yes. Build the ORB breakout logic as a TradingView alert condition (close above/below the opening range), paste your PickMyTrade webhook URL into the alert, and PickMyTrade routes the order to your Tradovate account automatically. No custom broker API code is required.
What opening range window works best for futures?
The first 15 or 30 minutes is most common for index futures. Highly liquid contracts can use a shorter 5 to 10 minute window since price discovery happens fast right after the open, but shorter windows also produce more false breakouts.
Does contract rollover affect an ORB strategy on Tradovate?
Yes. Make sure your TradingView chart and your PickMyTrade Tradovate connection are both tracking the same front-month contract, since the opening range on an expiring contract won’t match the range on the new front month after rollover.
Disclaimer: This content is for informational purposes only and does not constitute financial or trading advice. Backtest and forward-test any strategy, including ORB, before trading it live.
