kaushalkumar_kaneria

[KK]EMA Breakout,1st retest,Peak Breakout

This script gives Signal based on 3 parameters
(1) Exponential Moving average breakout
(2)Retest after Breakout
(3) Peak Breakout after retest for conformation

Recommended Settings:
(1) EMA Length = 20 period
(2)Left Bars= Right Bars = 4
(3)15min chart resolution
Note: Default setting is what recommended.

Interpretation:
(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 EMA breakout and conformed Retest from code.

Signals:
(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
Release Notes: Just Changed Graphical representation and user let control which things are needed to be added on chart.

Additional Changes:
(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
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Comments

Can this be used for any assets?
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Testing now on Bajaj finance & Tata Consumer. Thanks..!!!
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kaushalkumar_kaneria viralmandaviya88
@viralmandaviya88, Script works on it.?
Reply
viralmandaviya88 kaushalkumar_kaneria
@kaushalkumar_kaneria, Yeah It does. but no getting desired RFesults.. Will have to tweak according to the ticker
Reply
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