Breakout Strategy: Difference between revisions
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[[Image:Breakout for the chart.png|thumb|right|Breakout Strategy on the chart]] | [[Image:Breakout for the chart.png|thumb|right|Breakout Strategy on the chart]] | ||
[[Image:Breakout Strategy in DOM.png|thumb|right|Breakout Strategy in the DOM window]] | [[Image:Breakout Strategy in DOM.png|thumb|right|Breakout Strategy in the DOM window]] | ||
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The Breakout Strategy will place two stop orders at the prices (distance) specified, in order to catch the breakout when it happens. A buy stop order will be placed above the current price and a sell stop order below the current price. | The Breakout Strategy will place two stop orders at the prices (distance) specified, in order to catch the breakout when it happens. A buy stop order will be placed above the current price and a sell stop order below the current price. | ||
==Appearance== | |||
Breakout Strategy orders are displayed as medium purple markers on the chart connected to the order price labels on the price scale with a dotted line and as medium purple markers in the DOM window. | Breakout Strategy orders are displayed as medium purple markers on the chart connected to the order price labels on the price scale with a dotted line and as medium purple markers in the DOM window. | ||
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For the '''[[Depth of market (DOM)|DOM window]]''', default Breakout Strategy order marker color can be modified in [[Depth of market (DOM)#How to Customize DOM Colors|Format Colors]] menu. | For the '''[[Depth of market (DOM)|DOM window]]''', default Breakout Strategy order marker color can be modified in [[Depth of market (DOM)#How to Customize DOM Colors|Format Colors]] menu. | ||
==Creating Breakout Strategy orders== | |||
Create Breakout Strategy orders by one of the following methods: | Create Breakout Strategy orders by one of the following methods: | ||
* Drag-and-drop the Breakout Strategy icon | * Drag-and-drop the Breakout Strategy icon [[File:BRK.png]] to the '''chart'''; or: | ||
* Drag-and-drop the Breakout Strategy icon | * Drag-and-drop the Breakout Strategy icon [[File:BRK.png]] to the [[Depth of market (DOM)|DOM window]]; or: | ||
* Right-click at the desired price level '''on the chart''' to see the shortcut menu, select '''[[Chart Trading#Place Order|Place Order]]''' and then click '''Breakout Strategy'''; or: | * Right-click at the desired price level '''on the chart''' to see the shortcut menu, select '''[[Chart Trading#Place Order|Place Order]]''' and then click '''Breakout Strategy'''; or: | ||
* Right-click at the desired price level on the [[Depth of market (DOM)|DOM window]] on the '''Sell''' or '''Buy''' columns to see the shortcut menu, select '''Place Strategy''' and then click '''Breakout Strategy'''; or: | * Right-click at the desired price level on the [[Depth of market (DOM)|DOM window]] on the '''Sell''' or '''Buy''' columns to see the shortcut menu, select '''Place Strategy''' and then click '''Breakout Strategy'''; or: | ||
* Right-click the Breakout Strategy icon | * Right-click the Breakout Strategy icon [[File:BRK.png]] in the '''[[Chart Trading#Place Order|Place Order]]''' menu to see the shortcut menu and click '''Apply Strategy'''. | ||
* Double-click the Breakout Strategy icon | * Double-click the Breakout Strategy icon [[File:BRK.png]] in the '''[[Chart Trading#Place Order|Place Order]]''' menu. | ||
==Breakout Strategy Parameters== | |||
To modify default Breakout Strategy parameters: | To modify default Breakout Strategy parameters: | ||
# Right-click the Breakout Strategy icon | # Right-click the Breakout Strategy icon [[File:BRK.png]] in the '''Place Order''' menu to see the shortcut menu. | ||
# Click '''Edit'''. | # Click '''Edit'''. | ||
# Modify breakout and breakdown values in '''Breakout At''' and '''Breakdown At''' boxes. | # Modify breakout and breakdown values in '''Breakout At''' and '''Breakdown At''' boxes. | ||
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Click '''More Parameters >>''' to show '''Qty''' and '''Time In Force''' fields (for more info see [[Chart Trading##Setting Order Quantity|Setting Order Quantity]] and [[Chart Trading#Setting Time in Force|Time in Force]] sections). | Click '''More Parameters >>''' to show '''Qty''' and '''Time In Force''' fields (for more info see [[Chart Trading##Setting Order Quantity|Setting Order Quantity]] and [[Chart Trading#Setting Time in Force|Time in Force]] sections). | ||
==Saving as Template== | |||
To save the parameters as a template: | To save the parameters as a template: | ||
# Open '''Strategy Parameters''' window by one of the following methods: | # Open '''Strategy Parameters''' window by one of the following methods: | ||
#* Right-click the Breakout Strategy icon | #* Right-click the Breakout Strategy icon [[File:BRK.png]] in the '''[[Chart Trading#Place Order|Place Order]]''' menu to see the shortcut menu, then click '''Save as Template'''; or: | ||
#* Click on the '''Save as Template''' button in the '''Place Strategy''' window when applying the strategy. | #* Click on the '''Save as Template''' button in the '''Place Strategy''' window when applying the strategy. | ||
# Modify default Breakout parameters. | # Modify default Breakout parameters. | ||
# Click '''Save'''. | # Click '''Save'''. | ||
# Choose the '''Breakout Template''' icon. | # Choose the '''Breakout Template''' icon. [[File:BRK.png]] | ||
# Enter Breakout template name. | # Enter Breakout template name. | ||
# Click '''OK'''. | # Click '''OK'''. |