Intraday setup for Index derivatives trading - ORB + Pivot Points

Again not my setup. Read about it in Andrew Aziz's book . Modified it a little to suit intraday option selling. Have been working very well so far especially in BNF.

Use 5 mins chart in Nifty and BNF spot. Add Central pivot range, Pivot Points standard on to the chart (Available in Zerodha)

Basically, we are looking for days when Nifty or BNF trend (either up or down)

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Mark previous day high and low on the chart. Wait till 9.30 am.

Case 1: Upside Breakout. If a 5 mins candle closes above Previous day high and pivot point (R1 or R2), go long (Futures, Option buy or sell whatever suits)

Case 2: Downside Breakout. If a 5 mins candle closes below Previous day low and pivot point (S1 or S2), go short (Futures, Option buy or sell whatever suits)

Keep the SL below/above the breakout/breakdown candle and trail the SL for target

You would get these setups 7-8 times on index in a month. Success rate would be 40-50%. But the risk reward is very good ranging from 1:3 to 1:5 as well