by 
This strategy identifies breakout opportunities in Bursa Malaysia stocks using a slow EMA trend filter where price exceeds the 150-period EMA and the slow EMA is above its 150 EMA. It plots fast and slow EMAs on the price chart. Entry occurs on a new 20-day hi
Strategy · Pine Script v5 · On the chart
DegenerateChain Channel Breakout
This strategy enters long when price closes above the prior channel high and a longer EMA filter, the bar is bullish, volume rises versus the previous bar, and average volume and turnover clear set thresholds.
GitHub stars2on the repository
Pine versionv5runs as is
Lines of code43
Settings6inputs
LicenceNone statedfile: MPL-2.0
Last update2 years ago13 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
43 lines of Pine Script v5 from advanced-pine-script/9.Strategy-Scripts/11.Channel-Breakout-Strategy.pine, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// @version=5
strategy("www.DegenerateChain.com", overlay=true,
initial_capital=100000,
default_qty_type=strategy.percent_of_equity,
default_qty_value=100)
// Get user inputs
i_ChannelHigh = input.int(15, "Channel Lookback")
i_EMA1 = input.int(90, "Filter EMA Length")
i_EMA2 = input.int(10, "Exit EMA Length")
i_VolumeIncrease = input.float(1.25, "Volume Increase %")
i_Liquidity = input.int(1000000, "Liquidity Avg 100-Day")
i_Turnover = input.int(500000, "Turnover Filter")
// Get indicator values
EMA_Volume = ta.ema(volume, 100)
EMA_Filter = ta.ema(close, i_EMA1)
EMA_Exit = ta.ema(close, i_EMA2)
ChannelHigh = ta.highest(high, i_ChannelHigh)
AvgTurnover = ta.ema(volume * close, 100)
// Check entry conditions
LC_1 = close > ChannelHigh[1]
LC_2 = close > EMA_Filter
LC_3 = close > open
LC_4 = volume > volume[1] * (1 + (i_VolumeIncrease / 100))
LC_5 = EMA_Volume > i_Liquidity and AvgTurnover > i_Turnover
LongEntry = LC_1 and LC_2 and LC_3 and LC_4 and LC_5
// Enter long trade
if (LongEntry)
strategy.entry("Long", strategy.long)
// Exit long trade
if (close < EMA_Exit)
strategy.close("Long")
// Draw info
plot(ChannelHigh[1], "Channel High", color.red, 2)
plot(EMA_Filter, "EMA Filter", color.blue, 2)
plot(strategy.position_size != 0 ? EMA_Exit : na, "Stop Loss", color.red, 1, plot.style_linebr)
Overview
DegenerateChain Channel Breakout exits the long when price closes below a shorter EMA. Lookback, both EMA lengths, the volume increase, and liquidity and turnover floors are user inputs. It draws the channel high, filter EMA, and in-position exit EMA on the price chart. It has no separate stop-loss order.
- Channel high breakout entry
- Filter EMA and shorter exit EMA
- Volume increase requirement
- Liquidity and turnover filters
- Percent of equity position size
Details
Published by
Web3Degenerate on GitHub
Type
Strategy, Pine Script v5
Draws
On the price chart
Category
Breakout, Moving averages, Volume, Trend
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
- The strategy enters trades without a stop loss
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Channel Lookback | int | 15 | i_ChannelHigh |
| Filter EMA Length | int | 90 | i_EMA1 |
| Exit EMA Length | int | 10 | i_EMA2 |
| Volume Increase % | float | 1.25 | i_VolumeIncrease |
| Liquidity Avg 100-Day | int | 1000000 | i_Liquidity |
| Turnover Filter | int | 500000 | i_Turnover |
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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