ATR Breakout Entries Gated by a Weighted Indicator Score

Summary

This TradingView strategy combines a weighted score from trend, volume, RSI, and candle direction with ATR-based stop-entry levels. A long score awards points for price above the 200-period EMA, above-average volume, RSI below a threshold, and a bullish candle; the short score uses mirrored conditions. When a score reaches a user-set minimum, the script submits a stop entry beyond the current bar’s high or low by 1.5 ATR. The chart also displays the levels and highlights armed conditions.

The document presents the method and its configurable indicators, but provides no backtest results or performance evidence. Its stated intended markets include gold, Bitcoin, and major forex pairs, with suggested 15-minute or hourly charts. A notable implementation limit is that each score tops out at 10, although the input permits a minimum score as high as 16; thresholds above 10 therefore cannot arm an order. The script also sizes entries at 100% of equity by default and does not define explicit protective exits, so its risk controls are limited.

Key ideas

• The strategy scores trend, volume, RSI, and candle direction to decide whether a setup is armed.
• Long and short entries use stop levels placed 1.5 ATR beyond the current bar’s high or low.
• The scoring rules award at most 10 points, so configured minimums above 10 cannot trigger entries.
• The document gives no backtest evidence and does not define explicit stop-loss or take-profit exits.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.