New-High Breakouts Filtered by EMA Trend and RSI

Summary

The script describes a long-only momentum strategy that enters when price reaches or exceeds the previous lookback high, the fast EMA is above the slow EMA, and RSI is between 40 and 80. It allows only one open position, sizes entries at 25% of equity, and sets a profit target 15% above entry and a stop 8% below. A close below the fast EMA after the previous close was at or above it triggers an additional trend exit. The displayed parameters use a 126-bar high lookback, 21- and 50-period EMAs, and a 14-period RSI.

The document includes source code but no backtest results or performance evidence. Its promotional description claims volume confirmation, proximity within 1% of a high, composite scoring, and different exit percentages; these features do not appear in the supplied code. The script's actual signals and exits should therefore be distinguished from that description. Results would depend on market, timeframe, execution assumptions, and parameter choices.

Key ideas

• Entries require a new lookback high, a fast EMA above the slow EMA, and RSI between 40 and 80.
• The script permits only one open long position and sizes it as a share of equity.
• It defines a fixed profit target and stop relative to the average entry price.
• A close crossing below the fast EMA provides an additional exit condition.
• The accompanying description claims volume and scoring filters that are absent from the displayed source.

Tags

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