# 突破交易

> 突破交易係指當價格越過一個之前一直壓住佢嘅價位嗰陣建倉——區間嘅高點、前一個交易時段嘅極值，或者一個盤整形態嘅邊緣。佢嘅前提係：呢個價位一直攔住訂單流，而一旦被越過，呢股流動就會朝住一個方向釋放出嚟。大多數突破最終都會失敗，所以呢套策略真正嘅定義嚟自佢放棄失敗突破嘅速度，而唔係嚟自佢點樣揀突破。

Canonical HTML page: https://qanterion.com/zh-HK/glossary/breakout
更新於: 2026-08-18
又稱: 區間突破, 開市區間突破, 關鍵價位突破

## 計算方式

```
A breakout rule is three decisions, and only the third is unusual:
  · Level — what counted as the boundary, and over what window
  · Trigger — a touch, a close beyond, or a hold for N periods
  · Invalidation — the return inside the range that says it failed

Failure is the base rate. The invalidation is what the strategy is made of.
```

## 假突破先至係基準情形

價格離開區間之後即刻又返返入區間，係最常見嘅結果，而唔係例外。喺突破點入場嘅交易者隨即被困喺錯誤嘅一邊，佢哋嘅被迫平倉往往會推動價格反方向穿返過嗰個價位。所以任何突破規則都需要一個同入場一樣緊湊嘅失效條件，因為喺呢度判斷錯嘅代價係即刻要付嘅，而唔係慢慢累積。

## 真突破同雜訊嘅分別喺邊

常用嘅過濾條件係參與度同後續跟進：突破嗰陣成交量有冇放大、價格有冇喺嗰個價位之外停留咗一段預設時間而唔只係掂一掂，以及之前嘅盤整夠唔夠長、長到真係累積咗倉位。呢啲條件冇任何一個單獨具有決定性，而一條要求佢哋全部滿足嘅規則，會完全錯過嗰啲最快嘅行情。

## 常見誤讀

突破成日被當成趨勢已經開始嘅確認，但佢其實只能證明一個價位守唔住。呢個係兩個唔同嘅判斷：前者係預測，後者係觀察。嗰啲因為突破「確認咗方向」而喺突破點加大倉位嘅系統，正正係喺失敗率最高嘅位置上追加風險。

## 親手計一計

- 倉位規模計算機: https://qanterion.com/zh-HK/tools/position-size-calculator
- 破產機率計算機: https://qanterion.com/zh-HK/tools/risk-of-ruin-calculator

## 相關詞條

- 趨勢跟隨: https://qanterion.com/zh-HK/glossary/trend-following
- 動量交易: https://qanterion.com/zh-HK/glossary/momentum
- 滑點: https://qanterion.com/zh-HK/glossary/slippage

## 參考資料

- [Time Series Momentum](https://www.aqr.com/Insights/Research/Journal-Article/Time-Series-Momentum) — Journal of Financial Economics (Moskowitz, Ooi & Pedersen), hosted by AQR
- [A Century of Evidence on Trend-Following Investing](https://www.aqr.com/Insights/Research/Journal-Article/A-Century-of-Evidence-on-Trend-Following-Investing) — The Journal of Portfolio Management (Hurst, Ooi & Pedersen), hosted by AQR

## Other languages

- English: https://qanterion.com/glossary/breakout
- 简体中文: https://qanterion.com/zh/glossary/breakout
- 繁體中文（台灣）: https://qanterion.com/zh-TW/glossary/breakout
- 日本語: https://qanterion.com/ja/glossary/breakout
- 한국어: https://qanterion.com/ko/glossary/breakout
- Português (Brasil): https://qanterion.com/pt-BR/glossary/breakout
- Türkçe: https://qanterion.com/tr/glossary/breakout
- Bahasa Indonesia: https://qanterion.com/id/glossary/breakout
- العربية: https://qanterion.com/ar/glossary/breakout

## Risk notice

本術語表用於教學。此處內容不構成投資建議，頁面所述任何指標都無法預測未來結果。