This trend-following strategy executes a classic Donchian channel breakout system designed to cross-validate backtest results against external framework benchmarks. It triggers a long entry when the closing price breaks above the highest high of the prior entr
Strategy · Pine Script v4 · On the chart
Breakout Trend Follower V2
Breakout Trend Follower V2 is a price-chart strategy that enters long when price breaks a recent swing high.
GitHub stars106on the repository
Pine versionv4older, still runs
Lines of code110
Settings15inputs
LicenceGPL-3.0
Last update2 years ago18 Sep 2024
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above, or the copy button on the code below.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new strategy, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.
Source Code
110 lines of Pine Script v4 from Breakout Trend Follower V2.pine, published under GPL-3.0. Keep the author's credit and licence lines when you reuse it.
//@version=4
// Revision: 1
// Author: @millerrh
// Strategy: Enter long when recent swing high breaks out, using recent swing low as stop level. Move stops up as higher lows print to act
// as trailing stops. Ride trend as long as it is there and the higher lows aren't breached.
// The difference between this one and the previous Breakout Trend Follower is that this one uses higher timeframe higher highs/higher lows as a filter instead
// of an arbitrary Moving Average. I wanted to test out whether waiting for longer term actual trend changes produced better stats than just the moving average.
// Conditions/Variables
// 1. Manually configure which dates to back test
// 2. Can add a filter to only take setups that are above (or below for shorts) user-defined larger timeframe trends (helps avoid trading counter trend)
// === CALL STRATEGY/STUDY, PROGRAMATICALLY ENTER STRATEGY PARAMETERS HERE SO YOU DON'T HAVE TO CHANGE THEM EVERY TIME YOU RUN A TEST ===
// (STRATEGY ONLY) - Comment out srategy() when in a study()
strategy("Breakout Trend Follower V2", overlay=true, initial_capital=10000, currency='USD',
default_qty_type=strategy.percent_of_equity, default_qty_value=100, commission_type=strategy.commission.percent, commission_value=0.1)
// (STUDY ONLY) - Comment out study() when in a strategy()
//study("Breakout Trend Follower V2", overlay=true)
// === BACKTEST RANGE ===
Start = input(defval = timestamp("01 Jan 2019 06:00 +0000"), title = "Backtest Start Date", type = input.time, group = "Backtest Range")
Finish = input(defval = timestamp("01 Jan 2100 00:00 +0000"), title = "Backtest End Date", type = input.time, group = "Backtest Range")
// == USER INPUTS ==
tableLocation = input(defval="Top", options=["Top", "Bottom"], title = "Info Table Location", group = "Display",
tooltip = "Place information table on the top of the pane or the bottom of the pane.")
lookback = input(defval = 3, title = "Pivot Lookback Period", group = "Pivot Points",
tooltip = "Looks for pivot points within this number of bars both left and right.")
showPivotPoints = input(title = "Show Historical Pivot Points?", type = input.bool, defval = false, group = "Pivot Points",
tooltip = "Toggle this on to see the historical pivot points that were used. Change the Lookback Period to adjust the frequency of these points.
The pivot points are only shown for the current chart timeframe - to see the Daily pivot pionts, use the Daily timeframe, etc.")
trendFilter = input(defval="1st Timeframe", options=["1st Timeframe", "Both Timeframes", "None"], title = "Use HTF Trend for Filtering?", group = "Higher Timeframe Levels",
tooltip = "Signals will be ignored when price is not aligned with the higher timeframe trend(s). The intent is to keep you out of bear periods and only buying when
price is showing strength and you are trading with the trend.")
twoSet = input(defval="D", title="1st High Timeframe", type=input.resolution, group = "Higher Timeframe Levels",
tooltip = "Allows you to set two different time frames for looking at the trend.")
threeSet = input(defval="W", title="2nd High Timeframe", type=input.resolution, group = "Higher Timeframe Levels")
showMTFLevels = input(title = "Show Multiple Timeframe S/R Levels?", type = input.bool, defval = true, group = "Higher Timeframe Levels",
tooltip = "Displays the pivot highs and lows of higher timeframes to use as support/resistance levels. When these levels break, the trend
will change on these higher timeframes.")
currentColorS = input(color.new(color.orange,50), title = "Current Timeframe Support", type = input.color, group = "Higher Timeframe Levels", inline = "MTF1")
currentColorR = input(color.new(color.blue,50), title = " Resistance", type = input.color, group = "Higher Timeframe Levels", inline = "MTF1")
oneColorS = input(color.new(color.yellow,50), title = "1st High Timeframe Support", type = input.color, group = "Higher Timeframe Levels", inline = "MTF2")
oneColorR = input(color.new(color.yellow,50), title = " Resistance", type = input.color, group = "Higher Timeframe Levels", inline = "MTF2")
twoColorS = input(color.new(color.white,50), title = "2nd High Timeframe Support", type = input.color, group = "Higher Timeframe Levels", inline = "MTF3")
twoColorR = input(color.new(color.white,50), title = " Resistance", type = input.color, group = "Higher Timeframe Levels", inline = "MTF3")
// == DEFINE FUNCTIONS FOR USE IN MULTIPLE TIMEFRAMES (USING A TUPLE TO AVOID SO MANY SECURITY CALLS) ==
f_getHTF() =>
ph = pivothigh(high, lookback, lookback)
pl = pivotlow(low, lookback, lookback)
highLevel = valuewhen(ph, high[lookback], 0)
lowLevel = valuewhen(pl, low[lookback], 0)
barsSinceHigh = barssince(ph) + lookback
barsSinceLow = barssince(pl) + lookback
timeSinceHigh = time[barsSinceHigh]
timeSinceLow = time[barsSinceLow]
[ph, pl, highLevel, lowLevel, barsSinceHigh, barsSinceLow, timeSinceHigh, timeSinceLow]
[ph_01, pl_01, hL_01, lL_01, bsSH_01, bsSL_01, tSH_01, tSL_01] = security(syminfo.tickerid, "", f_getHTF())
[ph_02, pl_02, hL_02, lL_02, bsSH_02, bsSL_02, tSH_02, tSL_02] = security(syminfo.tickerid, twoSet, f_getHTF())
[ph_03, pl_03, hL_03, lL_03, bsSH_03, bsSL_03, tSH_03, tSL_03] = security(syminfo.tickerid, threeSet, f_getHTF())
// Plot historical pivot points for debugging and configuring the lookback period.
plot(showPivotPoints ? ph_01 : na, style=plot.style_cross, linewidth=3, color=color.new(color.yellow,50), offset=-lookback)
plot(showPivotPoints ? pl_01 : na, style=plot.style_cross, linewidth=3, color=color.new(color.yellow,50), offset=-lookback)
// == PLOT SUPPORT/RESISTANCE LINES ON THE HIGHER TIMEFRAMES ==
// Use a function to define the lines
f_line(x1, y1, y2, _color) =>
var line id = na
line.delete(id)
id := line.new(x1, y1, time, y2, xloc.bar_time, extend.right, _color)
// 1st Timeframe
highLine1 = showMTFLevels ? f_line(tSH_01, hL_01, hL_01, currentColorR) : na
lowLine1 = showMTFLevels ? f_line(tSL_01, lL_01, lL_01, currentColorS) : na
// 2nd Timeframe
highLine2 = showMTFLevels ? f_line(tSH_02, hL_02, hL_02, oneColorR) : na
lowLine2 = showMTFLevels ? f_line(tSL_02, lL_02, lL_02, oneColorS) : na
// 3rd Timeframe
highLine3 = showMTFLevels ? f_line(tSH_03, hL_03, hL_03, twoColorR) : na
lowLine3 = showMTFLevels ? f_line(tSL_03, lL_03, lL_03, twoColorS) : na
// == TREND CALCULATIONS (USING A TUPLE TO CONSOLIDATE REPETATIVE CODE AND GENERATE MULTIPE VARIABLES WITH ONE FUNCTION ==
f_signal(highLevel, lowLevel) =>
uptrendSignal = high > highLevel
downtrendSignal = low < lowLevel
inUptrend = bool(na)
inDowntrend = bool(na)
inUptrend := uptrendSignal[1] ? true : downtrendSignal[1] ? false : inUptrend[1]
inDowntrend := not inUptrend
[uptrendSignal, downtrendSignal, inUptrend, inDowntrend]
[uptrendSignal1, downtrendSignal1, inUptrend1, inDowntrend1] = f_signal(hL_01, lL_01) // 1st Timeframe
[uptrendSignal2, downtrendSignal2, inUptrend2, inDowntrend2] = f_signal(hL_02, lL_02) // 2nd Timeframe
[uptrendSignal3, downtrendSignal3, inUptrend3, inDowntrend3] = f_signal(hL_03, lL_03) // 3rd Timeframe
// == TREND TABLE PLOTTING ==
tablePos = tableLocation == "Top" ? position.top_right : position.bottom_right
var table trendTable = table.new(tablePos, 3, 1, border_width = 3)
upColor = color.rgb(38, 166, 154)
downColor = color.rgb(240, 83, 80)
f_fillCell(_column, _row, _cellText, _c_color) =>
table.cell(trendTable, _column, _row, _cellText, bgcolor = color.new(_c_color, 70), text_color = _c_color, width = 6)
if barstate.islast or barstate.islastconfirmedhistory
f_fillCell(0, 0, inUptrend1 ? "▲" : "▼", inUptrend1 ? upColor : downColor)
f_fillCell(1, 0, inUptrend2 ? "▲ " + twoSet : "▼ " + twoSet, inUptrend2 ? upColor : downColor)
f_fillCell(2, 0, inUptrend3 ? "▲ " + threeSet : "▼ " + threeSet, inUptrend3 ? upColor : downColor)
// Conditions for entry and exit
buyConditions =
(trendFilter == "1st Timeframe" ? hL_01 >= hL_02 : trendFilter == "Both Timeframes" ? (hL_01 > hL_02) and (hL_01 > hL_03) : true) and
// (useRsiFilter ? rsiVal[1] < rsiOB : true) and
time > Start and time < Finish
buySignal = high > hL_01 and buyConditions // Code to act like a stop-buy for the Study
sellSignal = low < lL_01 // Code to act like a stop-loss for the Study
// (STRATEGY ONLY) Comment out for Study
strategy.entry("Long", strategy.long, stop = hL_01, when = buyConditions)
// strategy.entry("Long", strategy.long, stop = buyLevel2, when = time > Start and time < Finish and high > maFilterCheck)
strategy.exit("Exit Long", from_entry = "Long", stop=lL_01)
Expand (126 lines)
Overview
Breakout Trend Follower V2 uses the recent swing low as the stop and moves that stop up as higher lows form, exiting when a higher low is breached. Users set the backtest dates, pivot lookback, and whether entries must align with one or two higher-timeframe trends, defaulting to daily and weekly. Optional plots show historical pivots and multi-timeframe support and resistance, and an information table can sit at the top or bottom of the pane. The visible logic describes long trades only.
- Swing-high breakout long entries
- Swing-low trailing stops
- Higher-timeframe trend filter
- Multi-timeframe support and resistance
- Configurable backtest date range
Details
Published by
hasnocool on GitHub
Type
Strategy, Pine Script v4
Draws
On the price chart
Category
Breakout, Trend, Support & resistance
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Topics
analysisbtcusdtcryptocurrencydatapandaspythonsimulationtradingtradingview
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Backtest Start Date | time | timestamp("01 Jan 2019 06:00 +0000") | Start |
| Backtest End Date | time | timestamp("01 Jan 2100 00:00 +0000") | Finish |
| Info Table Location | string | Top | tableLocation |
| Pivot Lookback Period | int | 3 | lookback |
| Show Historical Pivot Points? | bool | false | showPivotPoints |
| Use HTF Trend for Filtering? | string | 1st Timeframe | trendFilter |
| 1st High Timeframe | timeframe | D | twoSet |
| 2nd High Timeframe | timeframe | W | threeSet |
| Show Multiple Timeframe S/R Levels? | bool | true | showMTFLevels |
| Current Timeframe Support | color | color.new(color.orange,50) | currentColorS |
| Resistance | color | color.new(color.blue,50) | currentColorR |
| 1st High Timeframe Support | color | color.new(color.yellow,50) | oneColorS |
Show all 15 settings
| Setting | Type | Default | Variable |
|---|---|---|---|
| Resistance | color | color.new(color.yellow,50) | oneColorR |
| 2nd High Timeframe Support | color | color.new(color.white,50) | twoColorS |
| Resistance | color | color.new(color.white,50) | twoColorR |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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