(2)Retest after Breakout
(3) Peak Breakout after retest for conformation
(1) Length = 20 period
(2)Left Bars= Right Bars = 4
(3)15min chart resolution
Note: Default setting is what recommended.
(1)Green Background = Higher Peak Breakout candle after conformed retest
(2)Red Background = Lower Peak Breakout candle after conformed retest
(3) Green circle = 1st Upward Breakout candle after conformed retest ( if previous breakout is Downward)
(4)Red circle = 1st Downward Breakout candle after conformed retest ( if previous breakout is Upward)
Note: you can additionally add backgrounds for breakout and conformed Retest from code.
(1)Long = When Green circle
(2)Short = When Red circle
This script works with any ticker id. Best Use for Equity and Forex Markets. Also, added alert condition for green and red circle.
P.S.: Thanks to @RagingRocketBull for source code for breakout candles
(1) Calculate based on EMA (default setting SMA)
(2) Enable Successive Breakout
(3) Enable Correct Retests
(4) Enable EMA/SMA Breakout
Graphical Changes Made:
(1) Green circle => Green Background
(2) Red Circle => Red Background
(3) Successive UpBreakouts => Lime Background
(4) Successive DownBreakouts => Maroon Background
(5) Green Triangle => Correct Upward Retest
(6) Red Triangle => Correct Downward Retest
(7) Green Cross => MA Up Breakout candle
(8) Red cross => MA Down Breakout candle
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.