Monitoring for and trading a breakout
A common concept many traders use is the idea of a breakout. Points of interest are when the price breaks out from a consolidation range or from previous highs and lows.
Key concepts in this example
- Determining and storing the first 30 bar high
- Submitting a long stop order to be filled when price breaks out from the 30 bar high
- Closing positions after a certain amount of bars have passed
- Resetting the 30 bar high at the start of every new trading session
Important related documentation
Import instructions
- Download the file contained in this Help Guide topic to your PC desktop
- From the Control Center window, select the menu Tools > Import > NinjaScript
- Select the downloaded file