Breakout Detector (Previous MTF High Low Levels)
By LuxAlgoNov 16, 2023
The Breakout Detector (Previous MTF High Low Levels) signals every breakout of a previous higher-timeframe high or low, then grades what happened next: each close through a level becomes an entry with take-profit and stop-loss boxes sized by your win/loss ratio, false breakouts get flagged, and a dashboard tallies outcomes. The levels are the prior period levels of your chosen HTF, backpainted to their origin, while every signal, box, and statistic draws live.
How to Trade the Breakout Detector (Previous MTF High Low Levels)?
- Breakout: a close beyond the previous HTF high or low places entry, TP, and SL at that bar.
- Resolution: a TP or SL hit accentuates its box border; an opposite breakout freezes the prior levels, and an unreached level counts as a partial win or loss.
- False breakouts: marked when price moves back through the broken level, an early warning of reversal rather than follow-through.
- Dashboard: reviews results at a glance; grey vertical lines can mark each new HTF interval.
Alerts cover breakouts, false breakouts, take-profit hits, and stop-loss fails in both directions, so the tool can watch levels for you.
Breakout Detector (Previous MTF High Low Levels) Settings
- Option / HTF / Mult: a specific higher timeframe, or a multiple of the chart's (5 x 15 min = 75); non-standard multiples can produce irregular intervals.
- SL/TP: W%:L% sets fixed percentages, while W:L sizes the win as a multiple of the loss distance.
- Base: how that loss distance is measured: RCM (Range Cumulative Mean), ATR over the last 200 bars, or Last Swing with its own Swing Length.
- Detect False Outbreak: enables false-breakout marking.
- Cancel TP/SL at the end of HTF: freezes open levels when a new HTF interval begins.
- Display: Show Timeframe Change, dashboard Location and Size, box colors, and dotted, dashed, or solid border styles.
Frequently Asked Questions
Free on Vela
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- Up to 500 strategy alerts, with webhook automation
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- Futures data alongside crypto, stocks, forex and commodities
Also works on
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