Finding Breakout Setups for Swing Trading using the ChartMill Screening Filters.
The Breakout trading strategy is a strategy by which a position is taken as soon as a certain price level is broken.
In this article I will elaborate on a number of different screens that you can use to find qualitative momentum setups and I will go over a number of tweaks that allow you to fine-tune the screens so that they fit your personal situation even better.
significantly increased volume supports the breakout
only stocks, no ETF's
This filters for stocks near a new 52 week high.
This filters for stocks with a minimum average daily volume of at least 300K. This filter ensures liquidity.
suggested minimum price, to be adjusted to your own preference.
additional volume filter for confirmation
suggested market, to be adjusted to your own preference.
5sma, 10sma and 20sma as overlays
Run this screen in your favorite region. You can always further fine tune the screen by changing the general settings after it opened in the screener.