Stock Breakout Algo by Technicaltrader615

This is a Breakout Algo Suited for trading Stocks in NSE ( India) . The code looks for breakout above yesterday high and low with respect to the pivot R1 and S1. The order pings as Bracket order with 2R as target and 1R as risk. Time frame to be used is 5 mins.

We need to feed stocks with narrow range prior day for better performance.

You need to define risk in the Bridge for Each of the Stock. Lets say the stop loss is 10 points and Risk is 1000. The bridge will ping 1000/10 = 100 Shares to buy/ sell with 2R as target. the Target can be set to 3R also . This some times get rejected as Indian Stock exchange has upper circuit limit set. So we can go for 2R for ill-liquid stoks and 3R for liquid Stocks.

Similarly if 1000 Rs risk and 50 points sl , the bridge will place 1000/50 = 20 Share qty.

Breakout / Breakdown candles are Denoted by Colour change in the chart for visual purpose.

For more Details you can contact thru trading view chat window. You can also scroll down for my signature. This is only for the Students of Mine.