In this Amibroker tutorial, I will teach you how to code the top price breakout AFL for Amibroker. Well, this is easy to do in the powerful software.
In today’s post, I am going to show you a step-by-step guide to code the AFL so that you can use it.
You can use this Amibroker Breakout AFL [year] in the following:
- Price Action breakout AFL
- Consolidation Breakout AFL
- Channel Breakout AFL
- Support and Resistance Breakout AFL
- Amibroker opening range breakout AFL
- And a lot more.
However, you have to learn price action strategies to use this AFL. Also, you need to know technical analysis to trade correctly.
You can also use this AFL to find the top breakout stocks.
I am not going to discuss the list above to show you my code. Well, I got this code from Marketcalls last year, and I would like to share it with you.
The Amibroker successful AFL can detect price breakouts. When it detects price breakouts, it can alert traders immediately.
The alert is in real-time if there is a signal.
Here is the code:
The AFL is only about twelve lines, and it is very easy to implement in Amibroker.
Later on, I’m going to give you a video to show exactly how to use it.
This AFL is semi-automatic in the sense because you have to set the support, resistance, and trend lines.
After you learn how this AFL works, you can go to more advanced coding to automate your price action trading, but it is not easy.
However, in this tutorial, I am showing only the basics.
I suggest that you automate support and resistance levels in your AFL. Also, you have to have a good strategy.
If you want to know more, just go to our recommended page.
Okay, watch the video below now.
What is Amibroker?
Amibroker is a portfolio backtesting, optimization, and trading validation software.
You can download it for free, however, you can only use the advanced features if you buy the tool.
Amibroker formula language allows you to create your own indicators and trading systems.
Well, professional traders need this tool at a reasonable price when trading stocks to grow your capital.
I use it to test a trading system into the market to see if it is profitale.
Which is better, Amibroker, or Metastock?
I found that Amibroker is better than Metastock in stock trading because you can code AFL easily.
You can read more reviews when you search online to see the advance features of Amibroker.
I like the optimization capability of the tool in the software to create your strategy.
You can optimize your AFL with this code.
variable = optimize( "Description", default, min, max, step );
It is very easy in coding to save your time.
Okay, let’s go back to our topic.
How to use?
Price Action Breakout AFL
You can use the code above to make advance price action breakout AFL. However, you have to learn different patterns to trade correctly.
I use this price action AFL in Amibroker to develop more strategies.
A price action AFL is an Amibroker AFL created to understand the market actions at the breakout levels. When the price breaks marked support or resistance, this AFL will generate an alert for a possible trading opportunity.
For example, You can create an AFL for Fakey, Inside Bar, Pin Bar, and other patterns. Trust me, you can do everything with more advanced coding.
You have to learn technical analysis to profit in stock trading.
In the video above, I showed you how to use Amibroker, but it is only the basics.
This breakout code is easy to code in the Amibroker AFL editor to start using it.
I would like you to share this post to help other traders.
Well, I hope you learned something today.
When I started trading, I was a beginner, and I did not know what to do.
I am so glad that my mentor shared this software to me.
Let’s go back to our topic to expand more.
Learning technical analysis is an important part of stock trading. However, it requires hard work and dedication, especially for beginners.
I suggest that you study Price Action trading first. This is important if you want to buy and sell stocks.
When I created this post, I assumed that you already know technical analysis.
Without it, you will surely fail.
Consolidation Breakout AFL
In this consolidation breakout AFL, you have to set the consolidation area, just like the support and resistance levels. Various price patterns often occur in the charts during price consolidation. Some of the examples are channels, flags, and triangles.
When I trade for consolidation, I look for the tight one, and I can use the AFL above for breakouts. Also, I search for stocks with a narrow range for seven days to anticipate a breakout.
You can search for NR7 strategy on my website to learn more. You can combine this price breakout AFL for Amibroker.
Channel Breakout AFL
Channel breakout is the same with consolidated breakouts. However, it is not necessarily a sideways market.
The channel may move upward or downward depending on the trend.
If you want to be successful in this kind of trading, you have to know when to enter and exit the trade.
Here is an example of a channel.
In this channel breakout AFL, you can set Amibroker to alert you during the breakout. Watch the video above to see how to do it.
Support and Resistance AFL
If you are talking about technical analysis, you have to know the best indicators, but do not forget about support and resistance.
The video clearly explained how to use this breakout AFL.
It is easy to use in Amibroker. However, you need a good strategy to place the support and resistance levels correctly.
To plot it properly, you have to zoom out the chart.
In this support resistance breakout AFL, you can set the levels by following the instructions in the video to use this AFL properly.
I’m not going to elaborate more in this post because I might go off-topic.
You have to learn about support and resistance basics to use this AFL properly.
Opening Range Breakout Amibroker
Opening range breakout is my favorite in stock trading when trading stocks.
I use the first-hour range to look for a breakout. However, I see to it that the range is enough for me to profit.
If the length of the candle is small, I don’t trade it.
You might ask me why.
I do it because it is difficult to make money with a non-volatile stock.
Well, I use this breakout AFL in Amibroker with an excellent range to have enough price movement.
You can use the Average True Range (ATR) to scan for volatile stock.
I have posted the code in the screener page to show how to use it.
In this opening range breakout AFL, you can set the top and bottom price to wait for a possible breakout.
You can use the combination of BARINDEX and timeframe in Amibroker to code the AFL.
For example, you can use the high and low of the first candle in the 30-minute chart to set the breakout levels.
If you like this post, please share it to your favorite social media channels.