What are Fakeouts?
As the name suggests, Fakeouts are breakouts that failed to continue beyond a level, resulting in a ‘false’ breakout. Traders who take long trades on breakout of the resistance level anticipate price to keep going up. A fake breakout (also known as 'Bull Trap') happens when price reverses and starts falling instead of continuing to go up. Similarly, traders who take short trades on the breakdown of the support level anticipate price to keep going down. A fake breakdown (also known as 'Bear Trap') happens when price reverses and starts rising instead of continuing to go down.

At present, the Fakeouts script is meant for identifying fake breakdowns. These are situations where price falls below the support line, but then reverses and starts rising. This will help users to go LONG on such fake breakdowns.

The script identifies breakdowns of the last 40 to 120 candles. The price must close above the high of the breakdown candle within 7 candles of the breakdown to be called a 'fake breakdown'. Users can also set alerts for such fake breakdowns on their chosen scrips. The script works on all timeframes.

The fake breakouts will be added soon to the script.
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 tradewithpuneet for more information, or follow the author's instructions below.

TradingView does not suggest paying for a script and using it until 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 Public Library.

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Warning: please read before requesting access.

For access to any of my scripts, please subscribe on http://www.tradewithpuneet.com

SEBI Registered Research Analyst.

Comments

Puneet jee, can i have access to this indicator please?
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@deshmukhag, Hi.. gave you the access.
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deshmukhag tradewithpuneet
@tradewithpuneet, Excellent concept and code sir jee...
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Can i have to access to indicator
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Incredible, Puneet. I was literally just asking him about these and he replied with, "I've actually just made a script for these...". Puneet is a Trading View Scripting Machine. If Trading View had an ATM, it'd have a picture of Puneet on it.
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Awesome work !
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