The ADXBreakoutsFilter is part of a trading system developed by Ken Calhoun. Being the first step in the system, it recognizes symbols consistent with application of the strategy. Like many other study filters, it has been adapted for usage in thinkorswim Stock Hacker. As it is discussed in Mr. Calhoun’s article “ADX Breakouts”, it is intended to be used for stock symbols with an aggregation period of 1 day.
When applied as a filter, the study will recognize, by default, symbols priced between $20 and $70 with a 15-day range of at least $5. All numbers are customizable via input parameters.
||Defines the time period on which the high price, the low price, and the price range are determined.|
||Defines the minimum low price for a symbol to be found suitable.|
||Defines the maximum high price for a symbol to be found suitable.|
||Defines the minimum high-low range for a symbol to be found suitable.|
||A boolean plot that has a value of 1 (true) for symbols that satisfy the filter criteria.|
1. "ADX Breakouts" by Ken Calhoun. Technical Analysis of Stocks & Commodities, March 2016.