On a 5-minute 2-day candlestick chart, traders should look at the bottom of the chart to look for a pattern in which 3 sequential increasing-volume 5-minute bars occur. The basic trading strategy is to go long in an up trending chart with this 3-bar volume breakout with an entry placed ten cents (.10) above the high of the 3rd candle on a volume bar following this signal. https://www.equities.com/news/day-trading-3-bar-volume-breakouts
Code:
# First X Bars Cloud
# Paris
# 5.28.2019
#One Note Download
# Plots a continuous rectangular cloud over the first X bars
declare hide_on_daily;
input n = 3;
def bar = BarNumber();
def today = GetDay() == GetLastDay();
def Fbar = if SecondsTillTime(0930) == 0 and
SecondsFromTime(0930) == 0
then bar
else Fbar[1];
def h = if today and between(bar, Fbar, Fbar + n)
then fold i = 0 to n
with s = Double.NaN
while IsNaN(s)
do Max(high, getValue(high, i, n))
else Double.NaN;
def l = if today and between(bar, Fbar, Fbar + n)
then fold i2 = 0 to n
with s2 = Double.NaN
while IsNaN(s2)
do Min(low, getValue(low, i2, n))
else Double.NaN;
plot RangeHigh = if today and between (bar, Fbar, Fbar + n)
then HighestAll(h)
else Double.NaN;
plot RangeLow = if today and between (bar, Fbar, Fbar + n)
then LowestAll(l)
else Double.NaN;
AddCloud(RangeHigh, RangeLow, Color.White, Color.White);
# END STUDY
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