Updated
Breakout Finder
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I got many requests for a Breakout script and here it's. This script searches the breakouts/breakdowns and draw square if there is one.
The options:
"Period" is used to find Pivot Points
"Max Breakout Length" is the maximum length to search breakouts
"Threshold Rate %" is channel width of the breakout area. calculated using highest/lowest of last 300 bars.
"Minimum Number of Tests" is the minimum number of tests that the Price tried to break the S/R level
and some options for coloring and linestyle
Lets see some examples:
in this example "Minimum Number of Tests" is 2 so the Price must have tested to break resistance area 2 times and then it breaks it as seen in the screenshot:
in following example Threshold rate is %10, so the channel width is very big:
as you can see in followinf screenshot you can choose different colors and line styles:
Alerts added ;)
Enjoy!
I got many requests for a Breakout script and here it's. This script searches the breakouts/breakdowns and draw square if there is one.
The options:
"Period" is used to find Pivot Points
"Max Breakout Length" is the maximum length to search breakouts
"Threshold Rate %" is channel width of the breakout area. calculated using highest/lowest of last 300 bars.
"Minimum Number of Tests" is the minimum number of tests that the Price tried to break the S/R level
and some options for coloring and linestyle
Lets see some examples:
in this example "Minimum Number of Tests" is 2 so the Price must have tested to break resistance area 2 times and then it breaks it as seen in the screenshot:
in following example Threshold rate is %10, so the channel width is very big:
as you can see in followinf screenshot you can choose different colors and line styles:
Alerts added ;)
Enjoy!
Release Notes
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Explanation addedRelease Notes
updated
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lonesometheblue.com/
🤝 Telegram community:
t.me/LonesomeTheBlue_Official
💰 Subscription to Pro indicators:
Tradingview.com/spaces/LonesomeTheBlue/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🎓 Free Mini Course:
lonesometheblue.com/
🤝 Telegram community:
t.me/LonesomeTheBlue_Official
💰 Subscription to Pro indicators:
Tradingview.com/spaces/LonesomeTheBlue/
lonesometheblue.com/
🤝 Telegram community:
t.me/LonesomeTheBlue_Official
💰 Subscription to Pro indicators:
Tradingview.com/spaces/LonesomeTheBlue/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.