OPEN-SOURCE SCRIPT
Updated False Breakdown Reclaim v6
Overview
False Breakdown Reclaim v6 is an intraday indicator built to detect a false break below a support level followed by a bullish reclaim. It is designed for liquid US stocks and focuses on identifying potential bear traps or Wyckoff-style springs after a failed downside break.
How it works
The script defines a support level, watches for a downside sweep below that level, and then checks whether price reclaims the level within a limited number of bars. When that reclaim is confirmed, the script plots a long signal and can trigger an alert.
Support options
The indicator can use:
Previous day low as the primary support reference.
A confirmed pivot low as an alternative structural support.
This allows the script to work with both objective daily levels and local price structure.
Main features
False breakdown detection below support.
Bullish reclaim confirmation above support.
Optional volume filter to reduce weak recoveries.
Configurable maximum number of bars allowed between the sweep and the reclaim.
Visual markers for the sweep and the reclaim.
Alert conditions for support sweep and bullish reclaim.
Suggested use
This indicator is best suited for intraday trading on liquid US stocks, especially on M5 and M15 charts. A higher timeframe such as H1 can be used as a context filter to avoid trading directly into a clean higher-timeframe downtrend.
Important note
This script is a decision-support tool, not a complete trading system. It should be used with proper risk management, market context, and independent validation before any live execution.
False Breakdown Reclaim v6 is an intraday indicator built to detect a false break below a support level followed by a bullish reclaim. It is designed for liquid US stocks and focuses on identifying potential bear traps or Wyckoff-style springs after a failed downside break.
How it works
The script defines a support level, watches for a downside sweep below that level, and then checks whether price reclaims the level within a limited number of bars. When that reclaim is confirmed, the script plots a long signal and can trigger an alert.
Support options
The indicator can use:
Previous day low as the primary support reference.
A confirmed pivot low as an alternative structural support.
This allows the script to work with both objective daily levels and local price structure.
Main features
False breakdown detection below support.
Bullish reclaim confirmation above support.
Optional volume filter to reduce weak recoveries.
Configurable maximum number of bars allowed between the sweep and the reclaim.
Visual markers for the sweep and the reclaim.
Alert conditions for support sweep and bullish reclaim.
Suggested use
This indicator is best suited for intraday trading on liquid US stocks, especially on M5 and M15 charts. A higher timeframe such as H1 can be used as a context filter to avoid trading directly into a clean higher-timeframe downtrend.
Important note
This script is a decision-support tool, not a complete trading system. It should be used with proper risk management, market context, and independent validation before any live execution.
Release Notes
Se usa como soporte el VWAP Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.