Prior-Day Levels, Wick Reversals, and Breakout Neckline Entries

Summary

This intraday strategy combines reversal and breakout setups around prior-day and premarket levels. For reversals, it looks for a candle with a long wick near a prior-day or premarket extreme, then checks that price has returned across the relevant level and aligns with a bias based on the prior-day midpoint. For breakouts, it watches moves beyond premarket or prior-day highs and lows, or current-session extremes, then identifies a pullback wick and a neckline whose breach can trigger an entry. An optional scout entry can act earlier on the initial break.

The script restricts entries to selected morning and afternoon sessions and tracks daily trade counts for its signal types. Stops, profit targets, and a trailing level are based on ATR, with a configurable risk-to-reward target. The document presents code and suggested context such as higher-timeframe direction or volume confirmation, but includes no backtest results or evidence that the signals are profitable. Its level calculations and session definitions depend on chart data and settings, so behavior should be assessed on the intended instrument and timeframe.

Key ideas

• Wick reversals are sought near prior-day or premarket highs and lows, with direction filtered by the prior-day midpoint.
• Breakout entries require a pullback and a later close through a neckline level.
• An optional scout signal can enter on the initial break when session and bias conditions agree.
• ATR determines the stop and target distances, while a trailing level is also plotted.
• The document gives no performance results, and signal behavior depends on data, timeframe, and session settings.

Tags

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