Range Breakout -other points to consider?
I do consider Previous day High,Low, and Close along with Hourly Range high and low.
Still want to improve the strategy.
How to spot high convincing breakout.? is there any other TA or Pivot Point should I Consider?
Note:I am trading only in BNF.
You can open hourly chart and on previous day OHLC you can consider
the spot high convincing breakout with respect to price and volume you can write code on tradescript, please specify the conditions in brief .
Range breakouts with good volumes are considered as one of the most profitable trading strategies. You just need to consider highly liquid stocks to filter false breakouts. Most of the traded securities in capital market moves in a range for around 80% of time and trends higher or lower for 20% of the time. And when it breaks this range with high volume, a very good buying or selling opportunity is signalled. Since the inception of technical analysis, range breakout trading systems coupled with money management are considered very useful and profitable.
We have created an Excel sheet to signal range breakouts in Daily timeframe. Read more about it in the below link: