I looked at Robbs openers rule a while ago and your summary looks fairly accurate. However you should note that the 'average range' which Robb uses is different from ATR or average true range. Robb's average range is the average of the day's low to high over a period (he uses 20 days I think). You have to work it out using a calculator or excell sheet or if you happen to have metastock you can create an indicator that works. ATR as I understand it takes overnight price gaps into account.
The difficulty I found with using the method is determining which way the stock was likely to go. I don't mean to criticise Robb here I just think that he is a lot better than we mere mortals at picking direction.
