3-Bar Volume Breakouts Indicator

J007RMC

J007RMC

Active member
2019 Donor
Warehouse
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
 
Last edited by a moderator:
B

Bung Bang

New member
What is the significant of the rectangular cloud on the first 15 minutes of RTH using 5 minutes time ? The link mentions about 3 volume bar so how to relate this First X Bar study to the volume?
 

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