Breakout Indicator

Dec 4, 2017

This indicator aims to predict the direction of a breakout, should one occur. It is specifically designed with pennants and wedges in mind.

You also may use progressively shorter timeframes as a breakout approaches, to get more up-to-the-minute sort of data, please note that breakout is not accurate until after the candle is complete. For this reason, shorter timeframes are necessary to get an accurate read on the market. This is also not intended for candles larger than 1D, but may work with longer candles anyway.

Dec 5, 2017

Release Notes

Updated to improve the script in a few ways.

Now defaults to "Simple Mode", the old mode was difficult to read at times due to it being very small. Simple mode hides the values and simply plots whether they're positive or negative. On by default.
Updated color scheme to be less ugly and more intuitive.
Added a new "Secondary Confirmation" option. Breakout was occasionally showing false positives on breakouts, and enabling this may allow for higher accuracy. Not extensively tested. Off by default.

Dec 10, 2017

Release Notes

Vastly improved visuals and removed settings now that things have been polished more.
The "Secondary Confirmation" blue squares are now represented by teal bars along the top and bottom.

Also made it so that you no longer get those weird segments where the color doesn't match the position. As a side effect, this will look weird on charts with light themes.