scanning for breakouts

cmlee said:
what indicators do you use to scan for a potential breakout?
If you're a hardcore T/A, ignore what I'm saying here. If not, just follow what I say because I'm doing this quite successfully for the past 4 years. Look for a break-out by tracking your favourite scrip on a weekly basis & if you find it has broken the 1st resistance & moving up, that's it. If you are ready to get into the market, go for it. Be sure to have a clear exit level before you enter. Base your exit point very rationally & one that suits your pocket. That's the key. Never mind what the Indicators say. That's for the experts (!) etc.. Catch 50-60% of the trend if you can & I can say you'll be up there with them, the self-professed successful trading wizards. :cool:

Everything above are my very own, highly personal & possibly questionable (maybe controversial) opinions. Take them or lump them, it's your choice. Best of luck with your trading cmlee & let us know how you're faring in the markets.
Here is code to find out breakout for long.
Just copy it and paste in metastock--explorer--new--filter


pds1:=21; {HHV (long) breakout periods}
pds2:=10; {LLV (short) breakout periods}
x:=4; {use Open=1 High=2 Low=3 Close=4 Vol=5}


Flag:=BarsSince(Init OR In)
< BarsSince(Init OR Out)+InInit;
BuyLong:=InInit AND Alert(InInit=0,2)
OR Flag AND Alert(Flag=0,2);

AND Year()=2005
Dear friends,
One can look at falling and rising triangles , and keep close watch on the breakout out of triangle with high volumes . If breakout is confirmed with increasing volume , one should also check the overbought / oversold position in rsi , macd. This is for all traders and investors , depends on daily or weekly charts ( Candlestick charts ). Views and suggestions are most welcomed.
Subhash Bhandari
hi suresh,

i m using amibroker !!!
can u suggest the same breakout code for amibroker too!

Dear pratus , I am talking of drawing trendlines connecting tops and other trendline which connects bottoms. when falling trendline ( connecting higher tops to lower tops and other one connecting lower bottoms to higher bottoms is formed it is sign of accumulation ( when white candles out numbers the black candles by 1 is to 2 ratio in the tringle )and when this tringle is broken upward with higher volumes its a bullish sign ( one should confirm it with RSI and MACD position too ). and vice versa of this formations is bearish tringle.
Any suggestions and most welcomed
Subhash Bhandari
Last edited:

Similar threads

Broker Special Offers

Intraday Higher Leverage

Save up to 90% in brokerage and get higher leverage for intraday trades.

Are you a day trader?