HeWhoMustNotBeNamed

Breakout Trend Trading - Ultimate

This is the ultimate and final version of breakout trading strategy. Any further updates done to this strategy will be updated in this script. Input parameters are already optimized and set to minimal. Since, this is the version I personally use for my trades, I decided to make it subscription based. Please contact me if you are interested in supporting me for enhanced strategy.

The concept of the system is same as that of earlier published breakout trading strategies. Breakouts are identified based on large price change combined with high volume . Based on the extent of breakout and direction, stop limit orders are placed.

Apart from Breakout trend trading strategy V2, below are some of the enhancements done on top of it:

  • Additional entry signals : Included entry exit signals based on Extended breakout and Extreme volume breakout. This is inline with changes done to ultimate version of Breakout candles indicator.
  • Optimized exit strategy in range based on range channels: Waits for price to cross price channel built on Keltner channel before exiting when in range. Chart also displays Keltner Channel when in Range.
  • Change exit strategy based on compound level: In general exit on signal is disabled and exit is performed only when stop loss is hit. Signal based exit is activated upon reaching certain compound levels from the initial trade.
  • Handle repainting: Using secured methods to avoid repainting while filtering based on higher time frame filters.
  • Time inputs : New time inputs implemented for back-testing limits

Possible future enhancements:

Free versions of this strategy are found at :



Please note: Success of trading strategy also depends on initial screening and selection of right instruments as no shirt fit all size. This strategy is intended for long term trend following. Before requesting for subscription, I strongly recommend using free versions of the strategy and make sure if this suits your trading style. Trade well. Trade with proper risk management :)
Release Notes: Updated Higher time-frame conditions to also check 3M and 6M trend along with yearly trend to generate more opportunities.
Release Notes: The additional conditions added are in line with the HTF Trend Filter indicator published earlier. This has been slightly modified to allow trades if the trading price is higher than all HTF candle highs.

Few changes in existing default parameters:

  • tradeDirection : Set to all by default. Earlier value was long. The trend filter is so strong that it hardly generate short signal for trending stocks such as AAPL.
  • Other Entry filters (considerNewLongTermHighLows, considerMaAlignment, considerMaSupertrend) : These are disabled as they are redundant when new HTF Trend Filter is enabled.

Newly added parameters:
  • useHTFTrendFilter : Enabled by default. If you want to disable this, revert the changes done to default parameters.
  • resolution : HTF resolution used for TrendFilter
  • closePriceCondition : In addition to checking if the HTF candles are in trend, this also checks if the close price is above previous HTF candle highs.
  • HtfBars : Signifies how many HTF Bars need to be considered for calculating Trend filter. It can be either 2 or 3
  • AvoidSignalWhenInTrade : Added to avoid conflicting signals. Does not affect much with new HTF Trend filter enabled.

Use default setting of 6M resolution and 2 HtfBars for stocks with history of long trends. For instruments which have short term trends are choppy trends, using 12M resolution and 3 HtfBars would be ideal.

Trend filter reduces the number of entry signals. Hence, this may limit taking some good opportunities. But, this also increases success rate and reduces drawdown. This also makes it easy to trade short on downtrending instruments.

If you are confident on picking your trades and want to generate more signals, disable trend filter and revert to enable other entry filters which are in disabled state. This condition is added to safeguard from 1999 kind of tech bubble which reduced Nasdaq by 75% in 2 years. With Nasdaq and tech stocks going to the moon, it is very much in need to add these condition as safeguard measure.

HTF Trend Filter indicator can be found here:
Release Notes: Tightening the screws and making strategy work better for short conditions for downtrending instruments. This includes adding more conditions based on higher timeframe high lows to further enhance trend bias.
Release Notes: Switching back to long only as default for now.

  • HTF Trend filter is made mandatory for short trades. While long trades can still disable it via settings. (Present setting is disabled for long trades).
  • Replaced yearly high low condition with Mark Minervini's yearly high low condition with slight modification.
Release Notes: Enhance higher timeframe condition to consider yearly high low with thresholds
Endast inbjudanskript.

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Kommentarer

Will you please allow me to use this script.

Thanks..
Svara
dheeraj98aei dheeraj98aei
@dheeraj98aei, I am new to trendingview and also to stock market, I will be thankful to you if you can give me good script for Stock and Index that can be used for weekly and fortnightly.

I am interested in your script like, Breakout trend trading ultimate and Buythedip ultimate.

Your help will be highly appreciated, thanks and regards...
Svara