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
---
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Skrip sumber terbuka
Dalam semangat TradingView sebenar, pencipta skrip ini telah menjadikannya sumber terbuka, jadi pedagang boleh menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupuan anda boleh menggunakan secara percuma, ingat bahawa penerbitan semula kod ini tertakluk kepada Peraturan Dalaman.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.