Menu
How To Use The Properties Tab
How To Use The Style Tab
How To Use The Breakouts Controls
How To Use The Liquidity Controls and Main Filter Controls
How To Use The Volume Controls
How To Use The Price Action Controls
How To Use The CRSI, Entries, Stop Losses, Take Profits, and Entry/Exit Filters Controls
How To Use Market Regimes
Strategy Example of How To Use The Extreme Breakouts + Price Action Strategy
To enter and exit any trades, make sure you have some sort of initial stop loss and take profit setting selected.
It may be a good idea to start off with a really wide stop loss (something like 99%, which you can change later) and some sort of a take profit setting (something like 10% take profit from entry- which you can change later) and then dial them in to whatever you want after you have found the other settings that give you the type of trades you like.
This is based from Dr. Van Tharp’s System Quality Number theory. It is a quantitative way of measuring the market conditions and classifying them as either bull, neutral/sideways or bear markets, and if they are quiet or volatile. Here is a explanation from Dr. Van Tharp himself.
Dr. Van Tharp’s calculations for market regimes are as follows:
Bull Volatile (Extremely Bullish): SQN Greater Than 1.47
Bull Quiet (Bullish): SQN Between 0.75 and 1.47
Neutral/Sideways: SQN Between 0 and 0.74
Bear Quiet (Bearish): SQN Between 0 and -0.6
Bear Volatile (Extremely Bearish): SQN Less than -0.6
We take this one step further and add an exponential moving average crossover to the market regimes themselves so we quantify whether we are in a rising or falling regime. That way we only take longs when a market regime is in bull quiet and rising from 0.6 to above, and we only take shorts when a market regime is in bear quiet and declining from -0.6 to below.
Market Regimes and using a moving average crossover on them may be one of the most advanced quantitative methods of trading the markets available today.
INITIAL STOP LOSSES: You can use either fixed stop loss or ATR stop loss, but not both at the same time.
TRAILING STOP LOSSES: You can use a fixed trailing stop loss or ATR trailing stop loss only if you have an initial stop loss selected. You can use either fixed trailing stop loss or ATR trailing stop loss, but not both at the same time.
BREAKEVEN STOP LOSSES: “Move Stop To BE” will move your stop loss to breakeven once the candle has closed AND your trade is in profit. “Initial Stop Loss at BE” will place a stop loss immediately at your entry but if price moves underneath your stop loss before the candles closes you may be exited early.
CRSI STOP LOSS: You can use this by itself or with any other stop loss option. Whichever triggers first on the chart is where your trade will exit via stop loss.
“Use Take Profit” checkbox must always be selected to use any other take profit setting. You can use any take profit setting by itself, or in combination with each other. Whichever condition happens first on the chart will be your trade exit via take profit.
How The Extreme Breakouts + Price Action Indicator Fully Automates Trading
How To Use The Extreme Breakouts + Price Action Indicator
Use the TradingView Alert message to place an order with your exchange.
Click Below To Get Free Access
