Opening range breakout scanner: define the range, then automate the event.

What the opening range is

The opening range is the high and low formed during a defined period after the regular-session open. Different strategies use different windows. Trade Ideas’ documentation supports opening-range breakout alerts based on 1, 2, 5, 10, 15, 30, and 60-minute candles.

The scanner should trigger on the event, not just show the stock

A ranked list can tell you which stocks have strong movement, but an ORB setup has a specific timing condition: the first break beyond the established range. Event-driven alerts are therefore a natural fit.

Filters belong around the trigger

Price, liquidity, gap context, participation, and other constraints can narrow which ORB events matter to your strategy. Keep those filters separate from the definition of the breakout itself so you know which rule is removing candidates.

False breaks are part of the problem

An ORB alert does not determine whether a break will hold. The first minutes of the session can be volatile, so paper testing should measure how often the alert fires, how frequently it reverses, and whether your confirmation/risk rules can be executed consistently.

Build one range length at a time

Avoid launching multiple 1-, 5-, 15-, 30-, and 60-minute variants before you have a reason. Start with the range definition your strategy actually uses, test it, then create another configuration only if the user outcome is distinct.

What to log when paper-testing an ORB alert

Record the range length, trigger time, spread/liquidity at the alert, whether the break held or immediately returned inside the range, and whether a candidate was already on your watchlist. Also note how many alerts arrived simultaneously near the open. The goal is not merely to count winners; it is to learn whether the alert creates decisions you can realistically process.

If a configuration produces too many simultaneous alerts, solve that bottleneck with universe and context filters before changing the definition of the opening-range event itself.