Break Out Analysis Tool v3 (Update)

Break Out Analysis Tool v3 (Update)

This indicator is an update to add lots of new features and improvements to my Break Out Analysis tool that can be found here:

Break Out Analysis Tool

Please read the description in that library post to understand the basics of what the tool can analyse.

In this new version it is now possible to set the number of bars in the past that we look for our highest high and lowest low breakout levels in and to also set how many bars going forward that we look for a break of those levels in and exit the trade at the end of. ‘p’ and ‘pHold’ are the settings for this.

It is now also possible to adjust the high and low break out levels individually using the ‘HighBreakPerc’ and ‘LowBreakPerc’ settings. A positive number is above the level and a negative number below the level. So for example you can now check for breaks 1% lower than the highest high in the last p bars and 0.5% higher than the lowest low in the last p bars with settings of -1.0 and +0.5. The tool ignores any bars where the high break level is set below the open of our starting bar or where a low break level is set above the open of our starting bar. So if you get no results or very few results then you have probably moved the levels too far.

We can also now show the results for combinations of break out. So for example you can now see an equity curve for how much profit or loss you would have made if you’d gone long at every high break and short at every low break combined – and any other combination. Quantities and percentages are also shown for combinations now.

There is a setting ‘LevelStakes’ that reduces the stake size in half when viewing combined profit/loss lines so that we can directly compare them to the single breakout lines on a level playing field.

As always I advise downloading the ITF and importing to ensure that you get full functionality.

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Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

ProRealTime ITF files and other attachments : How to import ITF files into ProRealTime platform?

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