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thisdailybreakout is based on various breakout strategies used on the GBPUSD Pair, although the settings can be customized to accommodate other pairs as well. A moving average and higher breakout levels can also be used to filter out potential bad trades.
Use of Moving Average: If price is below the moving average, only sell trades will be place. If price is above the moving average, only buy trades will be placed.
Use of Higher Breakout levels: A trade will only be placed if price is inside these levels. If price move above or below the Higher breakout levels, trades will not be placed. This levels are calculated as follow: Period to use to calculate Higher Breakout Levels, the high and low of this period will be used to calculate the levels, e.g. a 48 period on a 1H chart equals a period of 48 hours. Interval to check for Higher Breakout Levels, recalculate the levels every number of periods, e.g. if set to 48 the levels will be recalculating once in every two days.
