Fusion: Monster Breakout Index

Koalems Updated   
This indicator is designed to display on both the main chart and a separate chart area. If you want to display it on the main chart then flip the 4 display options. Well... you might want to:
  • Disable it first
  • Move it
  • Flip the display options
  • and then show it so the move doesn't look ugly.

Display options:
  • On a separate chart it will display red and lime bars showning potential breakouts.
  • On the main chart it will show a channel.

Personally like to see it both ways so I generally have two copies of it with one on the main chart.

The "Bar back marker" option is a tiny down arrow at the top of the chart showing where the length of the lookback starts from the current bar. So, if you set the length to 10 then this will be 10 bars back from the current bar. You can show it on or off the main chart but it's not all that visually tasteful off the main chart.

The length is certainly not some optimized setting so set to whatever suits your needs.
The source I set at hl2 which makes more sense to me than the default most people use of close so again, don't assume the settings are correct for your environment... play with it.

Modified from the "Monster Breakout Index" by racer8 under the licence of: This source code is subject to the terms of the Mozilla Public License 2.0 at mozilla.org/MPL/2.0/

The code is structured to easily drop into a bigger system so use it as a lone indicator or add the code to some bigger project you are creating. If you do, send me a note, it would be nice to know it's being well used.

Finally, if you find value please do make a comment, give a thumbs up etc.

Enjoy and good luck!
Release Notes:
Added separate sources for high and low breakouts.
Added selectable rules for dealing with conflicting signals.
Open-source script

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.


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