As per your explanation of the strategy, I ran backtesting for BANKNIFTY JULY 19 FUTURES in Zerodha Streak.
For Buy Entry -
When 5 minutes candle gives close above 45 Minutes Opening Range, then it is a buy.
For Stop Loss -
I used 0.40% of entry price (which comes around 100-120 Points)
For Target -
I used 0.40% of the entry price (around 100-120 Points).
The strategy automatically exits the position at 3:15 PM (MIS Order) if the target or stop loss is not reached. Also, no new entry is taken after 3:15 PM.
I am attaching the screenshot of all conditions below -
The backtesting results are (Without Brokerage & Other Charges)-
The backtesting results are (With Brokerage & Other Charges)-
For Sell Entry -
When 5 minutes candle gives close below 45 Minutes Opening Range, then it is a sell.
For Stop Loss -
I used 0.40% of entry price (which comes around 100-120 Points)
For Target -
I used 0.40% of the entry price (around 100-120 Points).
The strategy automatically exits the position at 3:15 PM (MIS Order) if the target or stop loss is not reached. Also, no new entry is taken after 3:15 PM.
I am attaching the screenshot of all conditions below -
The backtesting results are (Without Brokerage & Other Charges)-
The backtesting results are (With Brokerage & Other Charges)-
You can backtest yourself too by experimenting with other conditions and putting in more complex conditions.
The platform is Zerodha Streak (http://tiny.cc/StreakByZerodha). They let you backtest strategies without needing to code them.
I think their support team is also active on this forum. @Streak . You can ask them queries if you have any.