OPEN-SOURCE SCRIPT
MGC Wyckoff Second Breakout V3 Candle RR
**Gold 15-Minute Wyckoff Second Breakout Strategy V3**
## Core Idea
This strategy is based on a Wyckoff-style breakout confirmation concept.
The strategy does **not** enter on the first breakout. Instead, it waits for the market to:
1. Break an isolated high or low.
2. Form a new breakout extreme.
3. Pull back or pause.
4. Break that new extreme again.
The second breakout is treated as the higher-quality confirmation signal.
---
## Timeframe
```text
Chart timeframe: 15 minutes
Market: Gold, preferably XAUUSD or MGC
Trade type: short-term breakout / intraday-to-swing
```
---
## Long Setup
### Step 1: Identify an isolated high
An isolated high is defined as a pivot high.
Default setting:
```text
Pivot Left Bars = 4
Pivot Right Bars = 2
```
This means the high must be higher than the highs of the previous 4 candles and confirmed by the following 2 candles.
This pivot high is called:
```text
H = isolated high
```
---
### Step 2: First breakout above H
A first breakout occurs when price closes above the isolated high:
```text
Close > H
```
The strategy does **not** enter here.
This first breakout only activates the setup.
---
### Step 3: Track the post-breakout high
After the first breakout, the strategy tracks the highest high made after that breakout.
This level is called:
```text
H2 = high formed after the first breakout
```
---
### Step 4: Wait for a pullback or pause
The strategy then waits for price to stop pushing higher.
A pullback/pause is detected when price closes below H2:
```text
Close < H2
```
At this point, the strategy starts waiting for a second breakout.
---
### Step 5: Second breakout above H2
If price closes above H2 within the maximum waiting window, the strategy enters long:
```text
Close > H2
```
Default waiting window:
```text
Max Bars After First Breakout = 20 bars
```
On a 15-minute chart, this is about 5 hours.
---
## Short Setup
The short setup is the mirror image of the long setup.
### Step 1: Identify an isolated low
An isolated low is defined as a pivot low:
```text
Pivot Left Bars = 4
Pivot Right Bars = 2
```
This pivot low is called:
```text
L = isolated low
```
---
### Step 2: First breakdown below L
A first breakdown occurs when price closes below the isolated low:
```text
Close < L
```
The strategy does **not** enter here.
---
### Step 3: Track the post-breakdown low
After the first breakdown, the strategy tracks the lowest low made after that breakdown.
This level is called:
```text
L2 = low formed after the first breakdown
```
---
### Step 4: Wait for a bounce or pause
The strategy waits for price to stop pushing lower.
A bounce/pause is detected when price closes above L2:
```text
Close > L2
```
---
### Step 5: Second breakdown below L2
If price closes below L2 within the maximum waiting window, the strategy enters short:
```text
Close < L2
```
---
## Stop-Loss Logic
The strategy uses a **structure-based stop-loss**.
### Long stop-loss
For long trades:
```text
Stop-loss = lowest low between the first breakout and the second breakout - 0.2 ATR
```
This means the stop is placed below the pullback structure.
---
### Short stop-loss
For short trades:
```text
Stop-loss = highest high between the first breakdown and the second breakdown + 0.2 ATR
```
This means the stop is placed above the bounce structure.
---
## Reward-to-Risk Logic
V3 uses a dynamic reward-to-risk model:
```text
Low-liquidity environment: 1R target
Normal environment: 2R target
Trend expansion environment: 3R target
```
---
## Low-Liquidity Condition
Low liquidity is approximated using small candles and narrow ranges.
The strategy checks whether recent candles are smaller than normal:
```text
Recent average candle body < long-term average candle body × 0.75
AND
Recent average candle range < long-term average candle range × 0.75
```
Default lookback:
```text
Recent lookback = 10 bars
Body average length = 50 bars
Range average length = 100 bars
```
If this condition is true, the strategy uses:
```text
Reward/Risk = 1:1
```
---
## Normal Market Condition
If the market is neither low-liquidity nor trend-expansion, the strategy uses:
```text
Reward/Risk = 2:1
```
---
## Trend Expansion Condition
Trend expansion is based on the breakout candle.
A long trade is considered trend expansion if the second breakout candle:
```text
1. Is a bullish candle
2. Has a body larger than 1.5 × average body
3. Has a total range larger than 1.0 × ATR
4. Closes near the high of the candle
```
A short trade is considered trend expansion if the second breakdown candle:
```text
1. Is a bearish candle
2. Has a body larger than 1.5 × average body
3. Has a total range larger than 1.0 × ATR
4. Closes near the low of the candle
```
If trend expansion is detected, the strategy uses:
```text
Reward/Risk = 3:1
```
---
## Trade Management
Once a trade is entered:
```text
The stop-loss is fixed at the structure stop.
The take-profit is fixed based on the selected R multiple.
The strategy does not trail the stop.
The strategy does not scale in.
The strategy does not scale out.
Only one position is allowed at a time.
```
---
## Default Parameters
```text
Pivot Left Bars: 4
Pivot Right Bars: 2
Max Bars After First Breakout: 20
ATR Length: 14
Structure Stop Buffer: 0.2 ATR
Body Average Length: 50
Range Average Length: 100
Low Liquidity Lookback: 10
Low Liquidity Multiplier: 0.75
Trend Body Expansion Multiplier: 1.5
Trend Range ATR Multiplier: 1.0
Strong Close Position: 0.30
Low Liquidity RR: 1.0
Normal RR: 2.0
Trend Expansion RR: 3.0
```
---
## Summary
In simple terms:
```text
The strategy waits for a breakout, ignores the first breakout, then trades the second breakout after a pause or pullback.
It uses structure-based stops and adjusts the profit target based on candle strength:
Small/narrow market = 1R
Normal market = 2R
Strong breakout candle = 3R
```
This makes it a **Wyckoff-inspired second-breakout momentum strategy with adaptive risk-reward targets**.
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
Açık kaynak kodlu komut dosyası
Gerçek TradingView ruhuyla, bu komut dosyasının mimarı, yatırımcıların işlevselliğini inceleyip doğrulayabilmesi için onu açık kaynaklı hale getirdi. Yazarı tebrik ederiz! Ücretsiz olarak kullanabilseniz de, kodu yeniden yayınlamanın Topluluk Kurallarımıza tabi olduğunu unutmayın.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.