Mirrorpip Custom Levels Strategy: Automating Breakout Trades Around Key Price Levels
Introduction
The Mirrorpip Custom Levels Strategy is designed for traders who prefer making trading decisions based on their own market analysis rather than relying on technical indicators. Instead of using signals generated by indicators such as RSI, MACD, or Supertrend, this strategy allows traders to define specific price levels that they believe are important. Once these levels are configured, the strategy automatically enters, manages, and exits trades whenever the market interacts with those levels. This approach combines the flexibility of discretionary trading with the discipline and speed of automation. Whether you trade crypto, stocks, forex, indices, or commodities, the Custom Levels Strategy allows you to automate your own market view while eliminating emotional decision-making.How the Strategy Works
The strategy revolves around two manually defined price levels:Buy Level
A price level above which bullish momentum is expected.Short Level
A price level below which bearish momentum is expected. The strategy continuously monitors these levels and automatically executes trades whenever breakout conditions are satisfied. The strategy will keep taking fresh trades if we continously hit SL and stop only after target is met once. This is useful when your Risk reward are abnormally high, as a trader you don’t mind loosing few times and finally winning big Here is the source code of the strategyCore Trading Logic
Long Trade Setup
A long trade is triggered when price breaks above the user-defined Buy Level.Example
Buy Level = 100,000 Current Price = 99,500 No TradePrice Moves To: 100,100 Result: ✅ Long Position Opened
The strategy assumes buyers have gained control and upward momentum may continue.
Short Trade Setup
A short trade is triggered when price breaks below the user-defined Short Level.Example
Short Level = 95,000 Current Price = 95,500 No TradePrice Falls To: 94,900 Result: ✅ Short Position Opened
The strategy assumes sellers have gained control and downside momentum may continue.
Complete Freedom To Define Levels
Unlike indicator-based systems, traders have complete control over the trigger levels. These levels can be derived from:- Previous Swing Highs
- Previous Swing Lows
- Support Zones
- Resistance Zones
- Opening Range Highs
- Opening Range Lows
- Weekly Highs and Lows
- Monthly Highs and Lows
- Supply and Demand Areas
- Psychological Round Numbers
- Manual Price Action Analysis
Breakout Confirmation Modes
The strategy supports multiple breakout confirmation techniques.Candle Close Confirmation
The breakout is considered valid only when a candle closes beyond the selected level.Example
Buy Level: 100,000 Candle High: 100,200 Candle Close: 99,950 Result: ❌ No Trade Next Candle Closes: 100,100 Result: ✅ Long Trade Triggered This mode helps reduce false breakouts and noise.Intrabar Breakout Confirmation
The strategy can also trigger immediately when price crosses the level during the candle.Example
Buy Level: 100,000 Price Touches: 100,001 Result: ✅ Trade Triggered Immediately This mode provides earlier entries but may produce more false breakout signals.Separate Long and Short Levels
Users can define completely independent levels for bullish and bearish trades.Example
Buy Level: 105,000 Short Level: 98,000 This creates a neutral zone where no trades are taken until one of the boundaries is broken. This approach is particularly useful for breakout traders waiting for price to escape a consolidation range.Continuous Re-Entry Logic
One of the most unique features of the Mirrorpip Custom Levels Strategy is its Continuous Re-Entry Engine. Unlike traditional breakout systems that stop trading after a loss, this strategy continues taking valid breakout entries as long as stop losses are being triggered. The cycle only ends when a profit target is successfully achieved. This allows traders to stay engaged with important breakout levels until the market finally delivers the expected move.Example
Buy Level: 100,000 Target: 2% Stop Loss: 1%Trade 1
Price Breaks Above 100,000 Long Entry Triggered Price Reverses ❌ Stop Loss HitTrade 2
Price Again Breaks Above 100,000 Long Entry Triggered Price Reverses Again ❌ Stop Loss HitTrade 3
Price Again Breaks Above 100,000 Long Entry Triggered Price Reverses Again ❌ Stop Loss HitTrade 4
Price Breaks Above 100,000 Long Entry Triggered Price Continues Higher ✅ Target Achieved At this point the cycle ends. The strategy stops taking new entries because a successful target has been reached.Why Continuous Re-Entry Is Powerful
Many major trends begin with multiple failed breakout attempts. Traditional traders often stop participating after one or two losses and miss the eventual winning move. This strategy removes emotional hesitation by continuously executing valid setups until the market finally confirms the breakout. Benefits include:- Consistent execution
- No emotional bias
- Capturing eventual trend expansion
- Eliminating fear after losing trades
- Higher participation during breakout phases
Target Management
The strategy supports predefined profit targets. Users can configure targets using:Percentage Targets
Example: Target = 2% Entry = 100,000 Exit = 102,000Fixed Point Targets
Example: Target = 1000 Points Entry = 100,000 Exit = 101,000 The strategy automatically exits the trade once the target level is reached.Dual Target System
For advanced trade management, users can define:Target 1 (T1)
Partial profit booking level.Target 2 (T2)
Final profit objective. This allows traders to secure profits early while still participating in larger market moves.Stop Loss Protection
Every trade can be protected using predefined stop losses.Percentage Stop Loss
Example: 1% Entry = 100,000 Stop Loss = 99,000Fixed Point Stop Loss
Example: 500 Points Entry = 100,000 Stop Loss = 99,500 This ensures risk is always controlled before a trade is initiated.Trailing Stop Loss
The strategy supports dynamic trailing stop management. Rather than exiting immediately after reaching a target, traders can allow profits to run while protecting gains.Example
Entry: 100,000 Price Rises: 101,000 Trailing Stop Adjusts Higher Price Rises: 102,500 Trailing Stop Adjusts Again Price Reverses Position Automatically Exits This feature helps maximize gains during strong trending markets.Time-Based Activation
Users can specify the exact date and time from which the strategy becomes active. This is useful for:- Economic Events
- CPI Releases
- FOMC Meetings
- Earnings Announcements
- Market Open Breakouts
- Weekly Breakout Strategies
Trading Direction Controls
The strategy can be configured to trade:Long Only
Capture bullish breakouts only.Short Only
Capture bearish breakdowns only.Both Directions
Trade all valid opportunities. This flexibility allows adaptation to changing market conditions.Practical Example
Suppose Bitcoin is trading inside a consolidation range. Support: 100,000 Resistance: 105,000 Configuration: Buy Level = 105,000 Short Level = 100,000 Target = 3% Stop Loss = 1% Scenario 1 BTC closes above 105,000 ✅ Long Trade Triggered Scenario 2 Trade hits stop loss ❌ Strategy Re-enters on next valid breakout Scenario 3 Second breakout succeeds ✅ Target Achieved Strategy Stops Trading Cycle Completed This process ensures the trader remains involved until the breakout either succeeds or market conditions change.Markets Suitable For This Strategy
The Custom Levels Strategy works effectively across:Cryptocurrency Markets
- BTCUSDT
- ETHUSDT
- SOLUSDT
- XRPUSDT
Equity Markets
- Stocks
- Index Futures
- ETFs
Forex Markets
- EURUSD
- GBPUSD
- USDJPY
- AUDUSD
Commodities
- Gold
- Silver
- Crude Oil
Mirrorpip Automation Setup
The strategy can be fully automated through Mirrorpip. Workflow: TradingView Strategy → TradingView Alert → Mirrorpip Webhook → Exchange Account → Trade Execution Once configured, Mirrorpip handles execution automatically while providing real-time monitoring and analytics. Users can track:- Win Rate
- Maximum Drawdown
- Sharpe Ratio
- Profit Factor
- Average Trade Duration
- Equity Curve
- Live Open Positions
Risk Management Considerations
Although the strategy automates breakout execution, proper risk management remains essential. Before deploying:- Use appropriate stop losses
- Select meaningful breakout levels
- Avoid excessive leverage
- Test on historical data
- Understand market volatility