Range Breakout Amibroker Exploration with Buy Sell Levels https://tradingtuitions.com/range-breakout-amibroker-exploration-with-b...

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Trading Tuitions (https://tradingtuitions.com) > Categories (https://tradingtuitions.com/category/categories/) > Amibroker (https://tradingtuitions.com/category

/categories/amibroker/) > AFL Repository (https://tradingtuitions.com/category/categories/amibroker/afl-repository/) > Range Breakout Amibroker Exploration
with Buy Sell Levels

Posted on June 19, 2020 (https://tradingtuitions.com/range-breakout-amibroker-exploration-with-buy-sell-levels/)

by admin (https://tradingtuitions.com/author/admin/)

Breakout of a trading range is considered as one of the most accurate methods for taking positions in
the market. It implies strengthening of the momentum and heavy participation in the direction where
breakout happens. In this post, we’ll explore a range breakout Amibroker exploration which will show
you the exact price point where you can place buy/sell orders. Also, you’ll know the stop loss and
targets for both buy and sell positions.

In case you missed it, we have also posted an Excel sheet for the same breakout strategy. Please find
it here (https://tradingtuitions.com/breakout-formula-excel-sheet/).

This exploration is based on the average 5-day range of the instrument. On an intraday timeframe, if
the price crosses above or below this range, you should take positions.
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This is an intraday only strategy where you’ll find the buy/sell levels for each day at market open. You
should take trades as per the levels and close all open positions at EOD.

Below are some of the important columns from the exploration:

1. Buy Above – The price above which you can place Buy order

2. Sell Below – The price below which you can place Sell (Short) order

3. Buy SL – Stop loss for Buy position

4. Sell SL – Stop loss for Sell position

5. Buy Target (1,2,3) – 3 Targets for Buy position

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6. Sell Target (1,2,3) – 3 Targets for Sell position
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Range Breakout Amibroker Exploration with Buy Sell Levels https://tradingtuitions.com/range-breakout-amibroker-exploration-with-b...

You may download the exploration code form below link. The file is in zip format, you’ll have to unzip it
before use

Range breakout AFL Exploration Code (https://tradingtuitions.com/wp-content/uploads/2020/06/Range-

Breakout-Exploration.zip)

The code has been tested in Amibroker version 6 and above. You may download the trial version of
Amibroker form this link (http://www.amibroker.com/download.html)

Step 1: Open Amibroker, Click on File–>New–>Formula and Copy Paste the exploration code you
downloaded.

Step 2: Click on File–>New–>Analysis. Set time frame to Daily.

Step 3: In the “Apply to” drop-down select ‘All symbols’ or filter based on the list of stocks you want to
watch. In the range drop-down, select ‘1 recent day(s)’ to run exploration only for the current day. And
select the AFL code in the “Formula” box
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‘

(https://i2.wp.com/tradingtuitions.com/wp-content/uploads/2020/06/Exploration-settings.png?ssl=1)
Gautham pai on Intraday Open High Low Strategy
Step 4: Click on Explore Button. You will see the list of stocks with buy sell levels and targets. -Live Signals (https://tradingtuitions.com/intraday-
open-high-low-strategy-live-signals/#comment-4186)

Nirmal Raj on Open Interest Analysis Excel for

Options (https://tradingtuitions.com/open-interest-
analysis-excel-for-options/#comment-4185)

admin on Open Interest Analysis Excel for Options

(https://tradingtuitions.com/open-interest-analysis-
excel-for-options/#comment-4184)

admin on Open Interest Analysis Excel for Options

(https://tradingtuitions.com/open-interest-analysis-
excel-for-options/#comment-4183)

admin on Open Interest Analysis Excel for Options

(https://tradingtuitions.com/open-interest-analysis-
(https://i2.wp.com/tradingtuitions.com/wp-content/uploads/2020/06/Exploration-Results-1.png?ssl=1)
excel-for-options/#comment-4182)
Note – You’ll need a real-time data subscription to use this exploration as the levels are calculated
based on current day’s open price.

Also Read: A Simple Multi Timeframe Trading Strategy with Exploration AFL
(https://tradingtuitions.com/simple-multi-timeframe-trading-strategy/)

The code is fairly simple where day’s range and average 5 days range using the below formulas:

(https://i1.wp.com

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The day’s range is the minimum among the difference between High price and Open price and Open

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Range Breakout Amibroker Exploration with Buy Sell Levels https://tradingtuitions.com/range-breakout-amibroker-exploration-with-b...
price and Low price.

The AddColumn() function adds these values to the exploration result.

AFL Repository (https://tradingtuitions.com/category

Next, the BuyAbove and SellBelow variables are calculated. It implies the breakout price above/below /categories/amibroker/afl-repository/)

which you have to take the position. Amibroker (https://tradingtuitions.com/category

/categories/amibroker/)
Buy stoploss (BuySL) is the same as SellBelow and Sell stoploss (SellSL) is the same as BuyAbove.
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/category/categories/excel-spreadsheets/)

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Live Signals (https://tradingtuitions.com/category/live-

/uploads/2020/06/Range-Breakout-Amibroker-Exploration-2.png?ssl=1) signals/)

The logic is that if the CMP crosses above the sum of open price and average 5 days range, then you Option Strategies (https://tradingtuitions.com
have to place BUY order. /category/categories/option-strategies/)

Similarly, if the CMP crosses below the difference of open price and average 5 days range, then you Python (https://tradingtuitions.com/category
/categories/python/)
have to place SELL order.
Recommended Trading Courses
Finally, the buy and sell targets are calculated and added to the exploration.
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trading-courses/)

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/categories/excel-spreadsheets/tutorials-excel-
/uploads/2020/06/Range-Breakout-Amibroker-Exploration-3.png?ssl=1) spreadsheets/)

The first Buy target is the summation of Buy price and average 5 days range. The second target is the Uncategorized (https://tradingtuitions.com/category
/uncategorized/)
summation of first buy target and average 5 days range and so on. For simplicity, we have added just 3
targets but you can add more continuing the same logic.

Vice versa applies for Sell targets.

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Range Breakout Amibroker Exploration with Buy Sell Levels https://tradingtuitions.com/range-breakout-amibroker-exploration-with-b...

Read this guide to learn:

- Amibroker tips and tricks including keyboard shortcuts

- Performance improvement instructions

- Most important AFL functions

- Ways to efficiently debug your AFL code

All the AFL’s posted in this section are for learning purpose. Trading Tuitions does not necessarily own
these AFL’s and we don’t have any intellectual property rights on them. We might copy useful AFL’s
from public forums and post it in this section in a presentable format. The intent is not to copy
anybody’s work but to share knowledge. If you find any misleading or non-reproducible content then
please inform us at support@tradingtuitions.com

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AFL Repository (https://tradingtuitions.com/category/categories/amibroker/afl-repository/), Amibroker

(https://tradingtuitions.com/category/categories/amibroker/) afl exploration (https://tradingtuitions.com
/tag/afl-exploration/), Amibroker exploration (https://tradingtuitions.com/tag/amibroker-exploration/), breakout AFL
(https://tradingtuitions.com/tag/breakout-afl/), buy sell levels (https://tradingtuitions.com/tag/buy-sell-levels/), range
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August 8, 2020 (https://tradingtuitions.com/range-breakout-amibroker-exploration-with-buy-sell-

levels/#comment-4137)

Thanks for the article, Could you please provide AFL for this indicator, Thx!!

August 18, 2020 (https://tradingtuitions.com/range-breakout-amibroker-exploration-with-

buy-sell-levels/#comment-4145)

Hi Prasanna,

The AFL download link is in the article itself

September 7, 2020 (https://tradingtuitions.com/range-breakout-amibroker-exploration-with-buy-sell-

levels/#comment-4168)

Thanks for the AFL ! which time frame preferred for this afl? Can we use Daily Time frame for this AFL?

Admin i have another Doubt ! Earlier u provided same strategy in Excel format in Daily time frame ! Is
That Excel Strategy only for Delivary based Trading? or we can use it in Intraday too??

September 22, 2020 (https://tradingtuitions.com/range-breakout-amibroker-exploration-

with-buy-sell-levels/#comment-4180)

Hi Rakesh,

Both the excel and AFL are meant for intraday trading.

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Range Breakout Amibroker Exploration with Buy Sell Levels https://tradingtuitions.com/range-breakout-amibroker-exploration-with-b...
Hello, Could you please help me to enable this for viewing the levels for historical data.

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