INVITE-ONLY SCRIPT
Breakout and TSL Indicator with Stable Horizontal Line
Indicator Name:
Breakout and TSL Indicator with Stable Horizontal Line
Description:
This indicator is designed to help traders identify breakout and breakdown levels, manage trailing stop losses (TSL), and capture actionable buy and sell signals. With its dynamic calculations and customizable settings, this tool is suited for intraday and positional traders seeking precision in their trading strategies.
Key Features:
Breakout and Breakdown Lines:
The Breakout Line (Red Line) is calculated using the previous candle's high and a customizable multiplier (smoothen_x), providing dynamic breakout levels.
The Breakdown Line (Cyan Line) is calculated using the previous candle's low and the same customizable multiplier, identifying potential breakdown zones.
Trailing Stop Loss (TSL) Lines:
Long TSL Line (Blue Line): Tracks the lowest low of the last sl_period candles for long positions.
Short TSL Line (Green Line): Tracks the highest high of the last sl_period candles for short positions.
Opening Breakout and Breakdown Levels:
Captures the first 5-minute candle's high and low values after market open (9:15 AM) and calculates dynamic levels based on the square root of these values.
These levels remain visible until the market close at 3:25 PM for actionable decision-making.
Signal Detection:
Buy Signal: Triggered when the price closes above the opening breakout level, with a visual "Buy" label plotted on the chart.
Sell Signal: Triggered when the price closes below the opening breakdown level, with a visual "Sell" label plotted on the chart.
Customizable Inputs:
Smoothen Multiplier (smoothen_x): Adjust the sensitivity of breakout and breakdown calculations.
SL Period (sl_period): Define the lookback period for TSL lines.
High/Low Line Colors: Customize the colors of the opening breakout and breakdown levels.
Buy/Sell Label Appearance: Ensure visual clarity with distinct labels for actionable signals.
Time-Specific Execution:
Levels and signals are plotted only during market hours (9:15 AM to 3:25 PM).
Signals reset daily at 3:15 PM to ensure clean, actionable data for the next session.
How to Use:
Customize Inputs:
Adjust the smoothen_x multiplier and sl_period based on your trading strategy.
Select your preferred colors for lines and labels.
Monitor Breakout and Breakdown Levels:
Use the Breakout Line and Breakdown Line to identify critical levels for market moves.
Watch the opening breakout and breakdown levels for additional signals early in the session.
Follow Buy and Sell Signals:
Look for "Buy" or "Sell" labels on the chart when price crosses the calculated levels.
Use the TSL lines to manage risk for long or short positions effectively.
Disclaimer:
This indicator is a technical analysis tool for educational purposes only. It does not guarantee profitability or provide financial advice. Always backtest strategies and consult with a financial advisor before making trading decisions.
Credits and Vendor Compliance:
This script adheres to TradingView’s House Rules and Vendor Requirements.
The logic and calculations in this script are fully original and based on mathematical formulas commonly used in technical analysis.
No restricted financial advice or misleading claims are made in the description or functionality.
This indicator does not include any paid promotions, third-party links, or subscription services.
Breakout and TSL Indicator with Stable Horizontal Line
Description:
This indicator is designed to help traders identify breakout and breakdown levels, manage trailing stop losses (TSL), and capture actionable buy and sell signals. With its dynamic calculations and customizable settings, this tool is suited for intraday and positional traders seeking precision in their trading strategies.
Key Features:
Breakout and Breakdown Lines:
The Breakout Line (Red Line) is calculated using the previous candle's high and a customizable multiplier (smoothen_x), providing dynamic breakout levels.
The Breakdown Line (Cyan Line) is calculated using the previous candle's low and the same customizable multiplier, identifying potential breakdown zones.
Trailing Stop Loss (TSL) Lines:
Long TSL Line (Blue Line): Tracks the lowest low of the last sl_period candles for long positions.
Short TSL Line (Green Line): Tracks the highest high of the last sl_period candles for short positions.
Opening Breakout and Breakdown Levels:
Captures the first 5-minute candle's high and low values after market open (9:15 AM) and calculates dynamic levels based on the square root of these values.
These levels remain visible until the market close at 3:25 PM for actionable decision-making.
Signal Detection:
Buy Signal: Triggered when the price closes above the opening breakout level, with a visual "Buy" label plotted on the chart.
Sell Signal: Triggered when the price closes below the opening breakdown level, with a visual "Sell" label plotted on the chart.
Customizable Inputs:
Smoothen Multiplier (smoothen_x): Adjust the sensitivity of breakout and breakdown calculations.
SL Period (sl_period): Define the lookback period for TSL lines.
High/Low Line Colors: Customize the colors of the opening breakout and breakdown levels.
Buy/Sell Label Appearance: Ensure visual clarity with distinct labels for actionable signals.
Time-Specific Execution:
Levels and signals are plotted only during market hours (9:15 AM to 3:25 PM).
Signals reset daily at 3:15 PM to ensure clean, actionable data for the next session.
How to Use:
Customize Inputs:
Adjust the smoothen_x multiplier and sl_period based on your trading strategy.
Select your preferred colors for lines and labels.
Monitor Breakout and Breakdown Levels:
Use the Breakout Line and Breakdown Line to identify critical levels for market moves.
Watch the opening breakout and breakdown levels for additional signals early in the session.
Follow Buy and Sell Signals:
Look for "Buy" or "Sell" labels on the chart when price crosses the calculated levels.
Use the TSL lines to manage risk for long or short positions effectively.
Disclaimer:
This indicator is a technical analysis tool for educational purposes only. It does not guarantee profitability or provide financial advice. Always backtest strategies and consult with a financial advisor before making trading decisions.
Credits and Vendor Compliance:
This script adheres to TradingView’s House Rules and Vendor Requirements.
The logic and calculations in this script are fully original and based on mathematical formulas commonly used in technical analysis.
No restricted financial advice or misleading claims are made in the description or functionality.
This indicator does not include any paid promotions, third-party links, or subscription services.
Invite-only script
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact kgmuthukishor for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases, you can find a good open-source alternative for free in our Community Scripts.
Author's instructions
″To request access, send me a direct message on Trading View with the subject "Breakout and TSL Access." Briefly mention your use case and how you plan to utilize this indicator.
Want to use this script on a chart?
Warning: please read before requesting access.
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.