TradewithPuneet: Pro-Breakouts

The Pro-Breakouts strategy is designed to get into a LONG position when a stock enters an Uptrend after a breakout. This strategy gives you:

• BUY signals: On a breakout, with strong probability of continuing up-moves.
• No SHORT signals are included in this strategy.

Through this strategy, we aim to ride a big chunk of the Uptrend till it reverses.

The strategy uses certain filters to avoid fake breakouts. Once those filter conditions are met, the stock waits for a breakout of key resistance level. Upon the breakout, the stock gives a BUY signal. Finally, when the stock breaks its key support level, it gives an EXIT signal.

The strategy guides you the price level at which to BUY and EXIT. You can also input your acceptable stop loss and profit booking levels, which are then displayed on the chart. The resistance and support lines (which result in trades) are drawn automatically on the chart.

The strategy is for medium to long-term traders. It works only on Daily timeframes and on closing prices. Hence, during the market hours, if a stock breaks out of its key-resistance level, you will see a BUY signal, but if it closes below it, the signal will disappear.

This strategy is only built for stocks, not for indices or any other financial instrument.

Versionsinformation:

Since this strategy is primarily meant for long-term trades, the time-frame has been changed from Daily to Weekly. Henceforth, it will be visible only on Weekly time-frame.

Versionsinformation:

Changes in this version:
- Slight improvement in filter conditions
- Reduced unnecessary code's lines
- Shortened the script's name

Versionsinformation:

Added Alert conditions on BUY and EXIT signals