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This pattern shows the stock that has moved above the highest ‘X’ in the last ‘n’ columns. N is the parameter that you can define. If you define it as 5 and scan the stocks for it, the stock crossing the highest ‘X’ of the last 5 columns in the current column of ‘X’ will appear in the output window.
The highest ‘X’ of the last 5 columns would be the highest price level of the last 5 columns.
This is a major bullish breakout that indicates that the stock has exceeded previous swing moves. It is similar to 10-day or 20-day candle breakout in OHLC charts but in P&F, the number of sessions is dynamic. It depends on the price pattern and market structure. Hence, we get advantage of looking at multi-swing price breakout where we let price decide the time period.
This pattern can be plotted on the chart by adding it from the study menu in TradePoint & RZone. The pattern is also available in the system builder section. By combining this pattern with other patterns and indicators, you can create your own trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.