When I applied the code to Sydney GMT+10 there were no entries & when I changed that to GMT+1 the entry conditions seemed to work, though not the exit based on time – see attached screenshot.  Could it be something around when the time condition is met, it is applied to the next bar and leaves the position open??

Any suggestions?

// Definition of code parameters
DEFPARAM CumulateOrders = False // Cumulating positions deactivated

DayOpenTime = 000100 //1min after market open
DayCloseTime = 235900 //1min before market close
Position = 1
ema = ExponentialAverage[10](close)

// Conditions to enter long positions
c1 = (ema > ema[1])
c2 = time <= DayOpenTime
IF c1 and c2 THEN
BUY position CONTRACT AT MARKET
ENDIF

// Conditions to exit long positions
c3 = time >= DayCloseTime
IF c3 then
sell position contract at market
endif

// Conditions to enter short positions
c4 = (ema < ema[1])
c5 = time <= DayOpenTime

IF c4 and c5 THEN
SELLSHORT position CONTRACT AT MARKET
ENDIF

// Conditions to exit short positions
c6 = time >= DayCloseTime
if c6 then
exitshort position contract at market
endif

// Stops and targets
SET STOP loss 1*(averagetruerange[14](close))

AUD-USD-Daily-open-close.png