Advanced Breakout System — Strategy by mbedaiwi2
By mbedaiwi2
Performance Metrics
- Author: mbedaiwi2
- Symbol: FXOPEN:XAUUSD
- Timeframe: 1 day
- Net P&L: +250.86 USD (+2.51%)
- Win Rate: 50.0%
- Profit Factor: 2.5
- Max Drawdown: 66.66 USD (0.67%)
- Total Trades: 20
Description
Advanced Breakout SystemDeveloped by: Mohammed BedaiwiThis script hunts for high-probability breakouts by combining price consolidation zones, volume spikes vs. average volume, smart money flow (OBV), and a Momentum Override for explosive moves that skip consolidation. Additionally, it automatically identifies and plots Support and Resistance levels with price labels to help you visualize market structure.The system follows a "Watch & Confirm" logic: it first prints a WATCH setup, then a BUY only if price confirms strength.🔑 Color Legend (Visual Guide)🟡 WATCH – Setup (Yellow Arrow Down): Potential breakout setup detected. Monitor the stock and do not enter yet. Triggered when price breaks out of a recent consolidation with strong volume or makes a big momentum move (e.g. >5%) in a single bar.🟢 BUY – Confirmation (Green Arrow Up): Confirmed breakout. Consider entering a long position according to your own rules. Triggered when price trades above the high of the WATCH candle.🟠 SELL – Break (Orange Arrow): Short-term trend weakness. Triggered when price closes below the Fast EMA (9). Used as a protective exit or partial profit-taking.🔴 SELL – Dump (Dark Red Arrow): Distribution / volume dump. Triggered by a bearish candle with abnormally high volume compared to the average (e.g. ≥ Dump Volume Multiplier × average volume).🟣 SELL – Pattern (Purple Arrow): Bearish price-action pattern (such as a bearish engulfing). Indicates a possible top or reversal.🔴/🟢 Support & Resistance Lines: Small horizontal lines plotted at key swing points. Red Line: Resistance (Swing High). Green Line: Support (Swing Low). Both include exact price labels for quick reference.⚙️ InputsEntry settings: Consolidation Lookback (default 20) = bars used to detect consolidation. Consolidation Range % (default 12%) = max allowed range size; higher values make the script more sensitive. Volume Spike Multiplier (default 1.2) = factor above average volume to count as a spike. Force Signal on Big Moves (default ON) = forces a WATCH signal if price jumps more than a set % (e.g. 5%) even without consolidation/OBV confirmation.Exit settings: Enable Fast Exit (EMA 9) toggles the SELL – Break signal. Dump Volume Multiplier defines what counts as “dump” volume (e.g. 2× average).Support & Resistance: Adjustable Pivot Left/Right bars allow you to control the sensitivity of the support and resistance lines.⚠️ DisclaimerTrading involves significant risk of loss. This script is for educational and informational purposes only and is not financial advice or a recommendation to buy or sell any asset. BUY and SELL signals are rule-based and derived from historical behavior and do not guarantee future performance. Always use your own analysis and risk management.