Screeners: Trendline Breakout

Trendline Breakout Screener for ProRealTime

Detect stocks approaching or breaking a descending trendline

A descending trendline resistance is a downward-sloping trendline connecting several price highs. It represents a dynamic resistance area below which price remains as long as the trend is contained.

In trading, a move back towards this resistance is a technical setup worth monitoring. Traders may look for a stock approaching its descending trendline or wait for a breakout above it. A break above the trendline can indicate a change in market dynamics and may lead to a bullish impulse.

As with any resistance breakout, a pullback to the trendline may also occur after the breakout before a potential continuation of the bullish move.

Description

The Trendline Breakout Screener automatically scans the market for stocks trading below a descending trendline resistance. It identifies stocks approaching their trendline or currently breaking above it (breakout).

Results are ranked in the “% Resistance” column according to the percentage distance between the current price and the descending trendline. Stocks trading closest to their resistance can therefore be quickly identified.

General filtering on the daily timeframe, based on price and trading volume, allows you to select the desired liquidity level.

Many parameters allow you to adapt the search to your own criteria. All settings can be adjusted directly from ProRealTime's “Variables” menu, without modifying the code. 

Adjustable validation criteria:

• Number of candles analysed
• Age of the second contact
• Maximum distance between price and the trendline
• Trendline detection amplitude

Available filters:

• Presence of a third contact with the trendline
• Short term trend toward the bearish trendline
• Current trendline breakout

General filtering:

• Minimum price
• Minimum average volume
• Average volume period
• Volume calculation: number of shares or traded value

Video presentation:

Details of available settings:

Download guide

Characteristics

• Works on all timeframes
• Compatible with ProRealTime V11 and later
• Free ProRealTime (daily closings) compatible
• Settings can be adjusted without modifying the code
• Descending trendline indicator included
• Free automatic updates for life

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Disclaimer

Our proposed tools (indicators and screeners) are not investment advices but tools allowing everyone to find specific graphic configurations. The automated trading systems offered have been developed and optimised using historical data; however, past performance is no guarantee of future results. Investing in the financial markets involves risks up to and including the total loss of capital. The user of the proposed tools understands and accepts that the use of these tools is under his sole and entire responsibility. P2C Trading declines all responsibility in the use of the tools and the consequences that would result.