OPEN-SOURCE SCRIPT
Custom Range Breakout
Custom Range Breakout Indicator
This indicator implements a rule-based **range breakout framework** with integrated **stop-and-reverse logic**, designed for intraday traders who prefer clear, execution-ready signals.
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Concept
The script defines a customizable **price range** based on a selected time window and generates signals when price breaks out of that range.
* The **high and low** of the defined range act as key levels
* Once the range is complete, price closing outside the range establishes directional bias
* If price reverses and crosses the opposite boundary, the system **exits and reverses position**
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How It Works
1. **Range Formation**
* Define a custom time window (e.g., 09:30–10:00)
* The script captures:
* Range High
* Range Low
* The range is displayed as a shaded box across historical and current sessions
2. **Breakout Signals**
* **BUY** → Close above range high
* **SELL** → Close below range low
* Signals are generated only **after the range is fully formed**
3. **Stop & Reverse Logic**
* Long position exits when price closes below range low
* Short position exits when price closes above range high
* If trade limit allows, the system **reverses position on the same candle**
4. **Trade Limitation**
* Maximum **2 entries per day**
* Helps reduce overtrading and keeps signals structured
---
Visual Elements
* Range shown as a **dynamic shaded box**
* Labels plotted directly on chart:
* `BUY`
* `SELL`
* `BUY EXIT`
* `SELL EXIT`
* Customizable **label text color** for better chart visibility
---
Alerts
Built-in alert conditions for:
* BUY
* SELL
* BUY EXIT
* SELL EXIT
These can be used for:
* Manual trade alerts
* Integration with external automation platforms
---
Notes
* Signals are based on **candle close**, not intrabar movement
* Designed for **intraday usage**
* No profit targets are defined — exits can be managed externally if required
* Works across instruments and timeframes
---
Disclaimer
This indicator provides a **systematic interpretation of range breakout behavior**.
It does not guarantee profitability and should be used with proper risk management.
---
Suggested Use
* Combine with higher timeframe trend or bias
* Avoid trading on very narrow range days
* Use alerts for consistent execution
---
This indicator implements a rule-based **range breakout framework** with integrated **stop-and-reverse logic**, designed for intraday traders who prefer clear, execution-ready signals.
---
Concept
The script defines a customizable **price range** based on a selected time window and generates signals when price breaks out of that range.
* The **high and low** of the defined range act as key levels
* Once the range is complete, price closing outside the range establishes directional bias
* If price reverses and crosses the opposite boundary, the system **exits and reverses position**
---
How It Works
1. **Range Formation**
* Define a custom time window (e.g., 09:30–10:00)
* The script captures:
* Range High
* Range Low
* The range is displayed as a shaded box across historical and current sessions
2. **Breakout Signals**
* **BUY** → Close above range high
* **SELL** → Close below range low
* Signals are generated only **after the range is fully formed**
3. **Stop & Reverse Logic**
* Long position exits when price closes below range low
* Short position exits when price closes above range high
* If trade limit allows, the system **reverses position on the same candle**
4. **Trade Limitation**
* Maximum **2 entries per day**
* Helps reduce overtrading and keeps signals structured
---
Visual Elements
* Range shown as a **dynamic shaded box**
* Labels plotted directly on chart:
* `BUY`
* `SELL`
* `BUY EXIT`
* `SELL EXIT`
* Customizable **label text color** for better chart visibility
---
Alerts
Built-in alert conditions for:
* BUY
* SELL
* BUY EXIT
* SELL EXIT
These can be used for:
* Manual trade alerts
* Integration with external automation platforms
---
Notes
* Signals are based on **candle close**, not intrabar movement
* Designed for **intraday usage**
* No profit targets are defined — exits can be managed externally if required
* Works across instruments and timeframes
---
Disclaimer
This indicator provides a **systematic interpretation of range breakout behavior**.
It does not guarantee profitability and should be used with proper risk management.
---
Suggested Use
* Combine with higher timeframe trend or bias
* Avoid trading on very narrow range days
* Use alerts for consistent execution
---
开源脚本
秉承TradingView的精神，该脚本的作者将其开源，以便交易者可以查看和验证其功能。向作者致敬！您可以免费使用该脚本，但请记住，重新发布代码须遵守我们的网站规则。
免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。
开源脚本
秉承TradingView的精神，该脚本的作者将其开源，以便交易者可以查看和验证其功能。向作者致敬！您可以免费使用该脚本，但请记住，重新发布代码须遵守我们的网站规则。
免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。