Multi-Timeframe Breakout Entries with Hourly Levels and R-Multiple Targets

Summary

This intraday strategy separates signal generation from execution: it requires a chart timeframe below its configurable signal timeframe, with the displayed defaults indicating a five-minute signal interval. The visible settings allow trading failed breakouts and inside bars, and request hourly price data and daily ATR to support day-set levels. A daily ATR relevance multiplier appears intended to help assess which hourly levels matter, while display controls govern range labels and minimum range thresholds.

Profit management offers a take-profit target expressed as a multiple of initial risk, plus optional break-even or close-at-target modes. The script also enforces an intraday chart and rejects charts at or above the selected signal timeframe. The supplied excerpt ends before the actual signal and order rules, so the precise breakout definitions, stop placement, session logic, and execution behavior cannot be fully assessed. No backtest results or evidence of profitability are shown; the visible settings describe a configurable framework rather than validated performance.

Key ideas

• The strategy uses a higher timeframe for signals and a lower intraday timeframe for execution.
• Its visible defaults use five-minute signals and require a still-lower chart timeframe.
• It includes options to trade failed breakouts and inside bars.
• Hourly levels and daily ATR are used in the level and relevance settings.
• Profit management includes an R-multiple target and optional break-even or target-close modes.

Tags

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