tradewithpuneet

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.
Release Notes: 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.
Release Notes: Changes in this version:
- Slight improvement in filter conditions
- Reduced unnecessary code's lines
- Shortened the script's name
Release Notes: Added Alert conditions on BUY and EXIT signals

I use Pro-Setups script for my swing & positional trades. One can use it for scanning high-probability profitable setups (including VCP). Try it out for Free! For details, please visit http://www.tradewithpuneet.com.
Invite-only script

Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact tradewithpuneet for more information, or follow the author's instructions below.

TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases you can find a good open-source alternative for free in our Community Scripts.

Disclaimer

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