[Pt] Premarket Breakout Strategy by PtGambler
By PtGambler
Performance Metrics
- Author: PtGambler
- Symbol: AMEX:SPY
- Timeframe: 1 minute
- Net P&L: +3,723.58 USD (+93.09%)
- Win Rate: 54.0%
- Profit Factor: 2.56
- Max Drawdown: 538.95 USD (11.59%)
- Total Trades: 37
- Sharpe Ratio: 0.346
Description
This is a 1 trade per day strategy for trading SPY or QQQ index. By default, this is designed for 1 min time frame. This was an experimental script that seems to be profitable at the time of publication.How it works:Pre-market high and low is defined per trading day between 9:00 to 9:30 EST. Then we looking for the first breakout on either PM high or PM low. - Breakout high = long trade - Breakout low = short tradeIf long trade, we wait until Stochastic RSI D signal line to hit a lower threshold (18 by default). Then we enter long when K crosses above D line.If short trade, we wait until Stochastic RSI D signal line to hit an upper threshold (82 by default). Then we enter short when K crosses below D line.Stop loss for long - set to PM low if entry is above PM high + %ATR buffer - or set to PM range + %ATR bufferStop loss for short - set to PM high if entry is below PM low + %ATR buffer - or set to PM range + %ATR bufferProfit target is set to 2x the risk by default.*Note: Different Stochastic RSI lengths should be used if trading 5 min time frame. See tooltip.Happy trading~~!