Breakout Strategy in PineScript
Budget: $10 – $30 USD
I'm looking for an experienced PineScript developer to create a breakout trading strategy for the Forex market. The strategy will be executed on a 15-minute timeframe and should be designed to identify and capitalize on breakout opportunities.
Strategy Logic:
Opening Range (OR)
Opening Range is defined from 9:30 AM to 9:45 AM ET
After this period, we look for breakouts and retests
Entry Conditions:
Long Setup:
Candle closes above the Opening Range High
Price retests the OR High
Volume is above 1.2x the 20-period average
A bullish engulfing candle confirms the retest
Must pass filters (see below)
Short Setup:
Candle closes below the Opening Range Low
Price retests the OR Low
Volume is above 1.2x the 20-period average
A bearish engulfing candle confirms the retest
Must pass filters (see below)
Filters:
EMA(50) Filter:
Long trades only if price is above EMA50
Short trades only if price is below EMA50
ATR Filter:
ATR(14) must be above a configurable threshold (default = 5)
Risk Management:
Contract Size: Default = 1 MNQ contract (should be configurable)
Stop Loss (choose between):
Fixed SL = 10 points (default)
OR-based SL = Stop below OR Low (for long), above OR High (for short)
Take Profit (TP):
Default = 20 points (2:1 R:R)
Can be dynamic based on OR-based stop
Trailing Stop:
Trail by 1.5 points once in profit (configurable)
Break-even Logic:
Once price moves 10 points in favor, move SL to entry price.
Strategy Logic:
Opening Range (OR)
Opening Range is defined from 9:30 AM to 9:45 AM ET
After this period, we look for breakouts and retests
Entry Conditions:
Long Setup:
Candle closes above the Opening Range High
Price retests the OR High
Volume is above 1.2x the 20-period average
A bullish engulfing candle confirms the retest
Must pass filters (see below)
Short Setup:
Candle closes below the Opening Range Low
Price retests the OR Low
Volume is above 1.2x the 20-period average
A bearish engulfing candle confirms the retest
Must pass filters (see below)
Filters:
EMA(50) Filter:
Long trades only if price is above EMA50
Short trades only if price is below EMA50
ATR Filter:
ATR(14) must be above a configurable threshold (default = 5)
Risk Management:
Contract Size: Default = 1 MNQ contract (should be configurable)
Stop Loss (choose between):
Fixed SL = 10 points (default)
OR-based SL = Stop below OR Low (for long), above OR High (for short)
Take Profit (TP):
Default = 20 points (2:1 R:R)
Can be dynamic based on OR-based stop
Trailing Stop:
Trail by 1.5 points once in profit (configurable)
Break-even Logic:
Once price moves 10 points in favor, move SL to entry price.
Related categories:
Financial Research
Finance
Financial Markets
Risk Management
Trading
Market Analysis
Backtesting