Ive been watching a VERY closely related system to this, the Opening Range (OR) system is very common.
It might work for you, and theres a lot of benefits I found from it, like its low maintenance and generally it is profitable.
The negatives I found on it though is it often goes through months of breakeven/losses, and then suddenly a big burst, then 10 months of nothing. It takes a lot of emotional capital to trade.
Maybe as you use different parameters your experience might be different to mine though.
The other problem I had with it was the slippage, as the system is tested on exact levels but ALSI is not liquid enough.
What Im doing is testing this system on the DAX rather, I find developing systems for the ALSI is easier than developed markets, but a lot of it is illusionary as the slippage kills.
Ive had to too many professionals now tell me to rather look at the dax for me to ignore the advise.