Trading Strategies from Active Trader Magazine

60-minute Breakout System

This system test requires several settings be made in addition to the formula. It can only be used in MetaStock 8.0 or latter. It is also designed to be run on 30 minute data. Other time periods can be used but this would alter the time used to set the high/low range for the breakout. If non-intraday data is used, this system will generate no trades at all. To create this system:

• Select the Enhanced System tester from the Tools menu
• Click New
• Enter the name of the system
• Select the Buy Order tab and enter the following formula:
  
  ref(roc(dayofweek(),1,$)<>0,-2) AND c>ref(hhv(h,2),-1)
  
  
• Set the enter size dropdown to "% of available equity"
• Enter a 5 in the space to the right of the entry size
• Select the Sell Order tab and enter this formula:
  
  c<valuewhen(1,ref(roc(dayofweek(),1,$)<>0,-1),llv(l,2))
  
  
• Select the Sell Short Order tab and enter the following formula:
  
  ref(roc(dayofweek(),1,$)<>0,-2) AND c<ref(llv(l,2),-1)
  
  
• Set the enter size dropdown to "% of available equity"
• Enter a 5 in the space to the right of the entry size
• Select the Buy to Cover Order tab and enter this formula:
  
  c>valuewhen(1,ref(roc(dayofweek(),1,$)<>0,-1),hhv(h,2))