OPEN-SOURCE SCRIPT
High-Low Breakout Strategy (Long Only)
This script is a simple yet effective breakout strategy designed for long-only trades. The logic is straightforward:
- **Entry Condition**: Enter long when the close price exceeds the previous high.
- **Exit Condition**: Exit the position when the close price drops below the previous low.
Features:
- Automatically identifies the previous high and low for every bar.
- Displays these levels on the chart for easy reference.
Use this script for backtesting and exploring breakout opportunities in various markets. Let us know your thoughts and how it works for you in the comments!
Disclaimer: This script is for educational purposes only and is not financial advice. Past performance does not guarantee future results.
- Perfect for trend-following traders looking for a mechanical, rule-based approach.
- **Entry Condition**: Enter long when the close price exceeds the previous high.
- **Exit Condition**: Exit the position when the close price drops below the previous low.
Features:
- Automatically identifies the previous high and low for every bar.
- Displays these levels on the chart for easy reference.
Use this script for backtesting and exploring breakout opportunities in various markets. Let us know your thoughts and how it works for you in the comments!
Disclaimer: This script is for educational purposes only and is not financial advice. Past performance does not guarantee future results.
- Perfect for trend-following traders looking for a mechanical, rule-based approach.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Want to use this script on a chart?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.