Get started

Breakout

Flag FinderFlag Finder Indicator is a technical analysis tool to identify bull and bear flags. What are flags Flags are continuation patterns that occur within the general trend of the security. A bull flag represents a temporary pause or consolidation before price resumes it's upward movement, while a bear flag occurs before price continues its downward movement. Both flag patterns consist of two components: The Pole The Flag The pole is the initial strong upward surge or decline that precedes the flag. The pole is usually a fast move accompanied by heavy volume signaling significant buying or selling pressure. The flag is then formed as price consolidates after the initial surge or decline from the pole. For a bull flag price will drift slightly downward to sideways, a bear flag will drift upward to sideways. The best flags often see volume dry up during this phase of the pattern. Indicator Settings Both components are fully customizable in the indicator so the user can adjust for any time frame or volatility. Select the minimum and maximum accepted limits from the % gain loss required for the pole, the maximum acceptable flag depth or rally and the minimum and maximum number of bars for each component. Colors and what components are visible at any time are also user controlled. Trading flags Traders typically use flags to enter on breakouts. A breakout occurs when price moves above the left side high of a bull flag or below the left side low of a bear flag. Alerts The Flag Finder allows for four different types of alerts New Bull Flag New Bear Flag Bull Flag Breakout Bear Flag Breakout Pine Script On top of the indicator identifying bull and bear flags, throughout the source code I left notes on nearly every line to help anyone who is interested in pine script see my thought process and explain which each line of code does. This code isn't too complex, but it offers a look into many different concepts one might use when writing pinescript such as: input groups declaring and reassigning variables for loops plotshapes & lines alerts
Pine Script™ indicator
by Amphibiantrading
71
Volatility Compression Breakout - LeafAlgo Pro StrategyThe Volatility Compression Breakout strategy is designed to identify periods of low volatility followed by potential breakout opportunities in the market. It aims to capture moments when the price consolidates within a narrow range, indicating a decrease in volatility, and anticipates a subsequent expansion in price movement. This strategy is based on our indicator of the same name (), but differs by offering many more options for the band/channel type and trend filters in addition to implementing the ability to use this strategy with algorithmic plug-ins (see details at the bottom). This strategy features six types of bands/channels and five types of trend filters, for a total of 30 combinations. The six band/channel types are the Adaptive Gaussian MA channel (based on the Adaptive Gaussian MA that we previously published ()), standard Bollinger Bands, smoothed Bollinger Bands (basis is an EMA of the typical Bollinger Basis), Keltner Channels, a Quadratic Regression Channel (based on the channel that we previously published in the LeafAlgo Pro indicator ()), and Volatility-Based Mean Reversion Bands (). The five trend filters include an EMA, SMA, Weighted MA, McGinley Dynamic, and the Adaptive Gaussian MA itself. Examples of the different band/channel types (all with EMA as the trend filter): Adaptive Gaussian MA Channel: Bollinger Bands: Smoothed Bollinger Bands: Keltner Channels: Quadratic Regression Channel: Volatility-Based Mean Reversion Bands: Examples of the different trend filters (all with Keltner Channels): EMA: SMA: WMA: McGinley Dynamic: Adaptive Gaussian MA: How the Long/Short Entry Signals are Calculated: A breakout signal upwards, accompanied by a long entry, is created when the high is greater than the secondary upper band (the upper band plus a standard deviation or with a multiplier, depending on which band/channel type is selected), the latest close is above the trend filter line, and the previous close was below the trend filter line. A break downwards, accompanied by a short entry, is created when the low is below the secondary lower band, the close is below the trend filter line, and the previous close was above the trend filter line. These conditions, along with a confirmed barstate, make up the strategy entry signals. Coloration: When the close price is above both the middle/basis and the trend filter, the bars are colored lime green, indicating a potential bullish market sentiment. When the close price is positioned above the basis but below the trend filter, or below the basis but above the trend filter, the bars are colored yellow, signifying a neutral or indecisive market condition. Conversely, when the close price falls below both the basis and the trend filter, the bars are colored fuchsia, suggesting a potential bearish market sentiment. Additionally, the coloration of the middle/basis line and the trend filter provides further visual cues for assessing the trend. When the close price is above the basis, the line is colored lime green, indicating a bullish trend. Conversely, when the close price is below the basis, the line is colored fuchsia, highlighting a bearish trend. Similarly, the trend line is colored lime green when the close price is above it, representing a bullish trend, and fuchsia when the close price is below it, indicating a bearish trend. The fill between the primary and secondary upper bands is colored lime and the fill between the primary and secondary lower bands is colored fuchsia. These colorations can be toggled on/off in the strategy settings menu. How Changing Parameters Can Be Beneficial: Modifying the parameters allows you to adapt the indicator to different market conditions and trading styles. For example, with Keltner Channels, increasing the compression period can help identify broader volatility patterns and major market shifts. On the other hand, decreasing the compression period provides more precise and timely signals for short-term traders. Adjusting the compression multiplier affects the width of the Keltner Channels. Higher multipliers increase the breakout threshold, filtering out smaller price movements and providing more reliable signals during significant market shifts. Lower multipliers make the indicator more sensitive to smaller price ranges, generating more frequent but potentially less reliable signals. Changing the type of trend filter can drastically change your results. Test out each trend filter type and determine which one will work best for your purposes. Further, the MA periods in the trend filter settings can help you align your trades with the prevailing market direction. Increasing the period smoothes out the trend, filtering out shorter-term fluctuations and focusing on more sustained moves. Decreasing the period allows for quicker responses to changes in trend, capturing shorter-term price swings. By adjusting the parameters and incorporating additional analysis techniques, you can customize the strategy to suit your trading style and preferences. However, it is crucial to exercise caution, conduct thorough analysis, and practice proper risk management to increase the likelihood of successful trades. Remember that no strategy can guarantee profits, and continuous learning and adaptation are key to long-term trading success. Take Profit/Stop Loss Settings: Take profit, stop loss, and trailing percentages are also included, found at the bottom of the Input tab under “TT and TTP” as well as “Stop Loss”. The take profit and stop loss levels will be reflected as green and red lines respectively on the chart as they occur. Make sure to understand the TP/SL ratio that you desire before use, as the desired hit rate/profitability percentage will be affected accordingly. The option for adding in a trailing stop has also been included, with options to choose between an ATR-based trail or a percentage-based trail. This strategy does NOT guarantee future returns. Apply caution in trading regardless of discretionary or algorithmic. Understand the concepts of risk/reward and the intricacies of each strategy choice before utilizing them in your personal trading. Profitview/Pineconnector Settings: If you wish to utilize Profitview’s automation system, find the included “Profitview Settings” under the Input tab of the strategy settings menu. If not, skip this section entirely as it can be left blank. Options will be “OPEN LONG TITLE”, “OPEN SHORT TITLE”, “CLOSE LONG TITLE”, and “CLOSE SHORT TITLE”. If you wished to trade SOL, for example, you would put “SOL LONG”, “SOL SHORT”, “SOL CLOSE LONG”, and “SOL CLOSE SHORT” in these areas. Within your Profitview extension, ensure that your Alerts all match these titles. To set an alert for use with Profitview, go to the “Alerts” tab in TradingView, then create an alert. Make sure that your desired asset and timeframe are currently displayed on your screen when creating the alert. Under the “Condition” option of the alert, select the strategy, then select the expiration time. If using TradingView Premium, this can be open-ended. Otherwise, select your desired expiration time and date. This can be updated whenever desired to ensure the strategy does not expire. Under “Alert actions”, nothing necessarily needs to be selected unless so desired. Leave the “Alert name” option empty. For the “Message”, delete the generated message and replace it with {{strategy.order.alert_message}} and nothing else. If using Pineconnector, follow the same directions for setting up an alert, but use the ",buy,,risk=" syntax as noted in the tooltips. Additional Sample Settings (for ETHUSDT-Binance 45M): Band/Channel Type - Keltner Channels (Compression Period of 20, Multiplier of 1.8x) Trend Filter - WMA (50 length, no offset, close as the source) TP/SL - 3.0% TP / 2.0% SL, 0.005 trailed TP, no trailed SL
Pine Script™ strategy
by LeafAlgo
4
Banded Chikou Breakout — Quantifying Ichimoku MomentumTitle: Banded Chikou Breakout — Quantifying Ichimoku Momentum Overview: Banded Chikou Breakout (BCB) is a unique, algorithmic script designed to augment the capabilities of traders seeking substantial breakout opportunities. Constructed on the robust principles of the Ichimoku trading strategy, BCB is designed to quantify and filter the Chikou Span's significant breakouts above or below the price action. This script does not aim to replace the Ichimoku system; instead, it enhances it, providing an optimized tool for momentum trading. Rationale: Ichimoku traders often scrutinize the Chikou Span's position relative to price action to identify market trends. However, determining whether the Chikou Span is above or below due to a genuine trend or mere market noise can be challenging in choppy markets. BCB resolves this predicament by offering a unique way to interpret the Chikou Span's movement. It does so by quantifying the Chikou Span's momentum and utilizing Bollinger Bands to determine its significance. By effectively differentiating substantial movements from the insignificant, BCB can help traders better navigate the market and increase their potential for profitable trades. How it Works: BCB combines three key elements: a Momentum Script (simulating Chikou Span), a Bollinger Band Script, and a Timeframe Switcher, all working together to provide a refined trading perspective. Momentum Script: Calculates the price difference between the current price and the price 'n' periods ago, transforming the Chikou Span into a quantifiable momentum value that signifies the strength and speed of a market move. Bollinger Band Script: Computes a Simple Moving Average (SMA) around the momentum, plotting two 'bands' at a specified standard deviation from this SMA. This functionality allows traders to discern when the Chikou Span's momentum is abnormally high or low, signifying a potential significant breakout. Timeframe Switcher: This feature lets traders apply the BCB script to a different timeframe from the one they are currently viewing. This capability can help traders identify higher timeframe breakouts and trade them with precision on the lower timeframe. How to Use: BCB is designed to complement the Ichimoku strategy for effective breakout identification. Add the BCB script to your trading chart. It plots the momentum (yellow line) and Bollinger Bands (green lines) with the area between the bands shaded blue. Utilize the Ichimoku strategy to identify larger and smaller timeframe trends. Optional: Leverage the timeframe switcher to synchronize your trades with higher timeframe trends while operating on lower timeframes. If the BCB momentum line crosses the upper Bollinger Band while the Ichimoku indicates a bullish trend, it signifies a potential significant upward breakout. Similarly, a cross below the lower band during a bearish trend could denote a significant downward breakout. Remember, without the context provided by the Ichimoku system's trend analysis, BCB can yield false breakouts. It is, therefore, crucial to use these tools in tandem. I like to check for an Ichimoku trend on the 4H and 1H charts, and then use BCB on charts <60 minutes to capture trends with precision.
Pine Script™ indicator
by ichimokucorner
Premium Volatility Breakout Strategy [wbburgin]This the premium version of my Volatility Breakout strategy, which improves significantly on the original strategy (publicly available on my profile). Improvements are below. A note about any of my premium scripts: I will continue updating and improving the original (public) versions. This strategy is not built for any specific asset or timeframe, and has been backtested on crypto, equities, and forex from 1min - 1day. However, I recommend using it on more volatile assets because it is a breakout strategy. ********** My Background I am an investor, trader, and entrepreneur with 10 years of cryptocurrency and equity trading experience and founder of two fintech startups. I am a graduate of a prestigious university in the United States and carry broad and inclusive interests in mathematical finance, computer science, machine learning / artificial intelligence, as well as other fields. ********** Improvements over the original Volatility Breakout strategy include: Faster Trend Detection → The Premium Volatility Breakout strategy will catch trends faster by using adaptive volatility-weighted bands instead of standard-width volatility-weighted bands. This can improve win size and has performed well in my backtesting. ADX Filter → False breakouts dampen the overall results of the original script, as well as the % profitable,so an ADX filter has been programmed into the script (toggle on/off in settings). This filter will only enter long and short trades when the ADX is above a certain threshold. This is by default toggled off because in most instances it will not be necessary, but in certain environments may be useful. MA Configuration → Different types of moving averages and weights are now configurable in the settings. These can change the responsiveness of the strategy. External Trend Filter → I use this strategy as a filter for some of my low-timeframe algorithms. I have added an external trend filter (a plot only displayed in the data window) that will return “1” when the trend is long and “-1” when the trend is short (displayed on-chart with red and green trend curves). Customizable Alert Messages In-Strategy → In the settings, there will be text boxes where you can create your own alerts. All you will need to do is create an alert in the alert panel on TradingView and leave the message box blank - if you fill out the alert boxes in the settings, these will automatically populate into your alerts. There are in total four different customizable alerts messages: Entry and Exit alerts for both Long and Short sides. If you disable stop loss and/or take profit, these alerts will also be disabled. Similarly, if you disable shorts, all short alerts will be disabled. About stop losses: This strategy does not come with a stop loss because the moving average acts as a stop loss / trade exit for both long and short entries. ********** Display You can turn off highlighting or barcolor in the settings. Additionally, future updates may include a color scheme for users using a light-themed window. ********** Configuring Alerts In TradingView desktop, go to the ‘Alerts’ tab on the right panel. Click the “+” button to create a new alert. Select this strategy for the condition and one of the two options that includes alert() function calls. Name the alert what you wish and clear the default message, because your text in the settings will replace this message. Now that the alert is configured, you can go to the settings of the strategy and fill in your chosen text for the specific alert condition. You will need to check “Long and Short” in the “Trade Direction” setting in order for any Short Alerts to become active. ********** Disclaimer Copyright by wbburgin. The information contained in my Scripts/Indicators/Algorithms does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
Pine Script™ strategy
by wbburgin
Volatility Compression BreakoutThe Volatility Compression Breakout indicator is designed to identify periods of low volatility followed by potential breakout opportunities in the market. It aims to capture moments when the price consolidates within a narrow range, indicating a decrease in volatility, and anticipates a subsequent expansion in price movement. This indicator can be applied to any financial instrument and timeframe. When the close price is above both the Keltner Middle line and the Exponential Moving Average (EMA), the bars are colored lime green, indicating a potential bullish market sentiment. When the close price is positioned above the Keltner Middle but below the EMA, or below the Keltner Middle but above the EMA, the bars are colored yellow, signifying a neutral or indecisive market condition. Conversely, when the close price falls below both the Keltner Middle and the EMA, the bars are colored fuchsia, suggesting a potential bearish market sentiment. Additionally, the coloration of the Keltner Middle line and the EMA provides further visual cues for assessing the trend. When the close price is above the Keltner Middle, the line is colored lime green, indicating a bullish trend. Conversely, when the close price is below the Keltner Middle, the line is colored fuchsia, highlighting a bearish trend. Similarly, the EMA line is colored lime green when the close price is above it, representing a bullish trend, and fuchsia when the close price is below it, indicating a bearish trend. Parameters -- Compression Period : This parameter determines the lookback period used to calculate the volatility compression. A larger value will consider a longer historical period for volatility analysis, potentially capturing broader market conditions. Conversely, a smaller value focuses on more recent price action, providing a more responsive signal to current market conditions. -- Compression Multiplier : The compression multiplier is a factor applied to the Average True Range (ATR) to determine the width of the Keltner Channels. Increasing the multiplier expands the width of the channels, allowing for a larger price range before a breakout is triggered. Decreasing the multiplier tightens the channels and requires a narrower price range for a breakout signal. -- EMA Period : This parameter sets the period for the Exponential Moving Average (EMA), which acts as a trend filter. The EMA helps identify the overall market trend and provides additional confirmation for potential breakouts. Adjusting the period allows you to capture shorter or longer-term trends, depending on your trading preferences. How Changing Parameters Can Be Beneficial Modifying the parameters allows you to adapt the indicator to different market conditions and trading styles. Increasing the compression period can help identify broader volatility patterns and major market shifts. On the other hand, decreasing the compression period provides more precise and timely signals for short-term traders. Adjusting the compression multiplier affects the width of the Keltner Channels. Higher multipliers increase the breakout threshold, filtering out smaller price movements and providing more reliable signals during significant market shifts. Lower multipliers make the indicator more sensitive to smaller price ranges, generating more frequent but potentially less reliable signals. The EMA period in the trend filter helps you align your trades with the prevailing market direction. Increasing the EMA period smoothes out the trend, filtering out shorter-term fluctuations and focusing on more sustained moves. Decreasing the EMA period allows for quicker responses to changes in trend, capturing shorter-term price swings. Potential Downsides While the Volatility Compression Breakout indicator can provide valuable insights into potential breakouts, it's important to note that no indicator guarantees accuracy or eliminates risk. False breakouts and whipsaw movements can occur, especially in volatile or choppy market conditions. It is recommended to combine this indicator with other technical analysis tools and consider fundamental factors to validate potential trade opportunities. Making It Work for You To maximize the effectiveness of the Volatility Compression Breakout indicator, consider the following: -- Combine it with other indicators : Use complementary indicators such as trend lines, oscillators, or support and resistance levels to confirm signals and increase the probability of successful trades. -- Practice risk management : Set appropriate stop-loss levels to protect your capital in case of false breakouts or adverse price movements. Consider implementing trailing stops or adjusting stop-loss levels as the trade progresses. -- Validate with price action : Analyze the price action within the compression phase and look for signs of building momentum or weakening trends. Support your decisions by observing candlestick patterns and volume behavior during the breakout. -- Backtest and optimize : Test the indicator's performance across different timeframes and market conditions. Optimize the parameters based on historical data to find the most suitable settings for your trading strategy. Remember, no single indicator can guarantee consistent profitability, and it's essential to use the Volatility Compression Breakout indicator as part of a comprehensive trading plan. Regularly review and adapt your strategy based on market conditions and your trading experience. Monitor the indicator's performance and make necessary adjustments to parameter values if the market dynamics change. By adjusting the parameters and incorporating additional analysis techniques, you can customize the indicator to suit your trading style and preferences. However, it is crucial to exercise caution, conduct thorough analysis, and practice proper risk management to increase the likelihood of successful trades. Remember that no indicator can guarantee profits, and continuous learning and adaptation are key to long-term trading success.
Pine Script™ indicator
by LeafAlgo
9
Base Finder DailyThe Base Finder Daily is the companion tool to the original Base Finder which is used to identify consolidation periods in a stock's advance. The Base Finder Daily allows traders to zoom in from the weekly chart and get a more precise view of the daily price action during a basing period. Base Finder Daily identifies three different types of bases (Flat Base, High Tight Flag, Consolidation) and provides key information about the consolidation such as the depth, length, and pivot point. This information allows traders to compare and analyze the best basing patterns quickly and easily. This tool helps traders of all levels train their eye to identify potential trading opportunities that might have otherwise gone unnoticed. Base Finder is a must-have tool for any trader, especially those that have studied the work of William O’Neil. Base Finder stacks up base for base with MarketSmith. Easily customize the settings, from the look to the intricacies of a consolidation. Default base settings: Flat Base length: 25 days minimum depth: <= 15% High Tight Flag Flag Pole: up 80% or more in less than 40 days Flag: Less than 25% correction in 10-20 days Consolidation: length: minimum 30 days depth: <= 35% Notes This indicator is meant to be used on the daily timeframe. In order to see the stats labels hover your mouse over the left side high of the consolidation and please make sure the indicator is brought to the front using the visual order of your chart. If the visual order is not correct you will not be able to see the stats label. Disclaimer: This indicator is for informational and educational purposes only. Do your own research before making any trade decisions. We accept no liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on this indicator.
Pine Script™ indicator
by Amphibiantrading
14
BANKNIFTY position screenerThe script takes present day's price range of the stocks (stocks of the Index being tracked included in this screener) into account, to hint strength or weakness in the underlying Index (for example: BANKNIFTY here). The day's price range of a stock is gauged on a scale of 0-100, where 0 is Day's price low and 100 is day's price high. If a stock is in 90-100 price range section the cell with title "90" illuminates hinting the stock is trading near day's high. Likewise, if a stock is in 0-10 price range section the cell with title "10" illuminates hinting that the stock is trading near day's low. The price range of 10-25 is represented in the cell titled "25" The price range of 75-90 is represented in the cell titled "75" Only one cell from the day's range illuminates at a time for a stock, signaling the present position of that stock in the Day's range at that instant. The script works best above 10 second time frame. Idea: If majority of the heavy weight stocks of the Index being tracked are trading near Day's high the underlying Index must be going strong at that very instant and Vice versa. Disclaimer: Only for studying Index movement ideas intraday, trading is not advised.
Pine Script™ indicator
by TathaastuVats
8
Psychological levels (Bank levels) PsychoLevels v3 - TartigradiaPsychological levels (Bank levels) plots the closest "round" price levels above and below current price, based on neuroscience research of how humans intuitively calculate in logarithms. Psychological levels, also called bank levels, are "round" price numbers, by truncating after the nth leftmost digits, around which price often experience resistance or support, because traders and investors tend to set orders around these round numbers. The calculation done here is fully automatic and dynamic, contrary to other similar scripts, this one uses a mathematical calculation that extracts the 1, 2 or 3 leftmost digits and calculate the previous and next level by incrementing/decrementing these digits. This means it works for any symbol under any price range. This approach is based on neuroscience research, which found that human brains intuitively approximate numbers on a logarithmic scale, adults and children alike, and similarly to macaques, for more info see Numerical Cognition , Weber-Fechner Law , Zipf law . For example, if price is at 0.0421, the next major price level is 0.05 and medium one is 0.043. For another asset currently priced at 19354, the next and previous major price levels are 20000 and 10000 respectively, and the next/previous medium levels are 20000 and 19000, and the next/previous weak levels are 19400 and 19300. IMPORTANT: Please enable "Scale price chart only" in the chart's scale's options, as otherwise major levels may make the chart's scale very small and hard to read. How it works At any time, there are 3 levels of strength (1 leftmost digit, 2 leftmost digits, 3 leftmost digits) represented by different sizes, and 3 directional levels for each of these strengths (level above, level below, and half-level) represented by different colors and positions, around current price. Indeed, contrary to other similar price levels scripts, we do not plot ALL price levels at all times, because otherwise the chart becomes wayyy too cluttered, and also it's highly processing intensive to plot so many lines. So we here use a dynamical approach: we plot only the relevant levels, the closest ones according to current price. Hence, when a level disappears, it does not mean that it does not exist anymore, but simply that we are not drawing it right now because it is not pertinent for the current price movement (ie, too far away). Breakouts can be detected in two different ways depending on if SMA is set to a value higher than 1 or not: if SMA == 1, then there is no smoothing, so the levels adapt instantaneously to the current price, so to detect breakout, you should refer to the levels at the previous tick and whether they were broken by current tick's price; if SMA > 1, then there is some smoothing, and so the levels will stay in-place even if there is a breakout, so it's easier to spot breakouts without having to look at the previous ticks, but on the other hand you won't see the new levels for the new price range until after a few more ticks for the smoothing window to adapt. Hence, by default, smoothing is disabled, so that you can see the currently pertinent levels at all time, even right after or during a breakout. By default, the strong above level is in green, strong below level is in red, medium above level is in blue, medium below level is in yellow, and weak levels aren't displayed but can be. Half levels are also displayed, in a darker color. Strong levels are increments of the first leftmost digit (eg, 10000 to 20000), medium levels are increments of the second leftmost digit (eg, 19000 to 20000), and weak levels of the third leftmost digit (eg, 19100 to 19200). Instead of plotting all the psychological levels all at once as a grid, which makes the chart unintelligible, here the levels adapt dynamically around the current price, so that they show the above/below/half levels relatively to the current price. Indeed, "half-levels" are also displayed (eg, medium level can also display 19500 instead of only 19000 or 20000). This was made because otherwise the gap between two levels was too big, especially for the strongest levels (eg, there was no major level between 20000 and 30000, but with a half-step we also get a half-level at 25000, and empirically price tends to respect these half levels - I also tried quarter levels but empirically the results were not good). In addition to this hard-coded half-level, you can also create more subdivisions (eg, quarter levels) by setting the simple moving average to a value higher than 1. The script can be made to run on the daily timeframe whatever the current chart's timeframe is, to reduce the variability in levels, to make it less noisy than intraday price movement. But by default, the chart resolution is used, because I empirically found that the levels found with this indicator work on all time resolutions quite well. The step can be adjusted to increase the gap between levels, eg, if you want to display one every 2 levels then input step = 2 (eg, 22000, 24000, 26000, etc), or if you want to display quarter levels, input 0.25 (eg, 22000, 22250, 22500, etc). The default values should fit most use cases and cover most psychological levels. How to read Focust first on bigger dotted levels, they are stronger and more likely to cause a rebound or a major event or price to stay at this level. Remember that it's not enough to just look at levels, the context is important, because levels have various effects depending on current price movement: if price is above a level, the level is a support on which price can rebound; if price is below a level, the level is a resistance on which price can rebound (or break); and finally sometimes price also stays hovering around a level for some time. Levels closer to 9 are less weaker, and levels closer to 0 are stronger, according to Zipf law. This is now reflected since v3 in the transparency, levels that are closer to 9 will be more transparent. The switch in color for the same level illustrates how a level switches from being a support to a resistance and inversely. Eg, if a major level turns from green to red, then it changed from being a resistance (above) to a support (below). As is well known in trading, longer standing levels are stronger. This indicator provides a direct illustration: in practice, the number of consecutive dots on the same line influences the strength of the level: the longer the chain of dots, the more you can expect this price level to be significant. The length does not mean the level will necessarily hold, but that other traders are likely to monitor if it holds, and if not then price will break down. Hence, longer levels are good spots to place stop losses, or to enter trades depending on your strategy. In general, a single dot is not enough to consider a level significant, but 2 or more is a good enough level, and 10+ is a strong level. Intuitively, this makes sense, and is what pro traders do: the longer a level is tested, the stronger it is. This indicator can visually represent this intuition and allows to use it as a more systematic trading signal. Motivation I initially made the first version of the PsychoLevels indicator mainly to train with PineScript, but I found it surprisingly accurate to define levels that are respected by price movements. So I guess it can be useful for new traders and experienced traders alike, as it's easy to forget that psychological levels can often be as strong if not stronger than technical levels. It can also be used to quickly screen other minor assets for trading opportunities. For example, a hybrid strategy would be to manually define levels on BTCUSD but using this script to automatically define levels in crypto altcoins and quickly screen them for a trade opportunity that can be greater than with BTCUSD but with the same trend. Personally, although initially I did not believe an automated tool would work well for this purpose, I could now empirically verify that it is quite reliable for the purpose of detecting levels, and so I use it all the time to find the levels automatically and help me monitor them like a hawk, so that I only have to draw uber major levels, the ones that last between cycles and that are hard to autodetect, but otherwise all daily/weekly levels are usually covered. However, trendlines must still be drawn manually or with another indicator (but note that up to now I have found none that worked well enough), as PsychoLevels only draws levels (ie, horizontal lines, not oblique ones!). Differences with the previous version PsychoLevels v2 price levels now have a transparency according to their importance for the human brain: numbers closer to 9 are weaker, and numbers closer to 0 are stronger and represent a major psychological threshold (eg, that's why prices marked as $9.99 sell better than $10.00). This option can be disabled to get the exact same behavior as v2. modularized and typed code PsychoLevels v2 can be found here:
Pine Script™ indicator
by tartigradia
13
Volume Breakout by Chosen VolumeDescription: The Volume Breakout indicator (VB) is a technical analysis tool that highlights candles with significant trading volume. It helps traders identify potential breakout periods characterized by high volume activity. How it Works: The Volume Breakout indicator compares the volume of each candle with a user-defined minimum volume threshold. If the volume of a candle exceeds or is equal to the specified minimum volume requirement, the indicator identifies it as a volume breakout and marks it accordingly. Usage: To effectively utilize the Volume Breakout indicator, follow these steps: 1. Apply the VB indicator to your chart by adding it from the available indicators. 2. Customize the minimum required volume parameter according to your trading preferences. This parameter determines the threshold volume level that a candle must meet or exceed to be considered a breakout candidate. 3. Observe the candles on the chart: - Candles that meet or exceed the minimum required volume are highlighted with a specific color (yellow by default), indicating potential breakout periods. 4. Pay attention to the volume breakout indications within the candles, as they suggest periods of increased trading activity. 5. Analyze the price action accompanying the volume breakout candles. Breakouts often indicate a surge in buying or selling pressure, potentially leading to significant price moves or trend reversals. 6. Combine the analysis of volume breakout candles with other technical analysis tools, such as trend lines, support and resistance levels, or indicators, to confirm potential trade setups. 7. Implement appropriate risk management strategies, including setting stop-loss orders and position sizing, to manage your trades effectively and protect your capital.
Pine Script™ indicator
by maybethatguy
1
PD-Box with Fractal Points V1 (by Jonny86FXPro)PD-Box with Fractal Points V1 (by Jonny86FXPro) This indicator has several functions: Premium/Discount Box: The two most recent fractal highs and lows form a premium/discount box that provides valuable information about potential price movements. Fractal Breaker Lines: Two fractal breaker lines are integrated for the high and low points to better visually represent the break of a fractal point. Customizable: The genius of this indicator is that you can customize everything to your own needs. Whether you want to display lines, or change the colors of the box or lines, everything is possible. Automatic Adjustment: Once a fractal point is broken, the premium discount automatically adjusts to the current price. Once a new fractal point is formed, the box is automatically adjusted again. HTF Analysis: Use this indicator for your HTF analysis and determine in which direction the price could develop. Premium Discount Box Information: When the price is in the premium range, there is a higher probability of a sell-off. However, if the price breaks upward, there is a good chance that it will continue to rise. The opposite is true for the discount range. Power Behind Each Move: It is important how the price hits the fractal point. If there is power behind each move, the chances are very good that it will continue in that direction. If there is no real power behind it, it could be an indication of a trend reversal. Weak Breaks: In the premium range, a weak upward break could lead to a bearish move, and in the discount range, a weak downward break through the fractal low point could lead to a move in the bullish direction. As you can see, this powerful indicator has many functions that can help you determine trend direction and potential price movements. Quick overview of functions: Designed for higher timeframes such as 4H chart. Identifies the last two fractal highs and lows to create a premium/discount box. Includes two fractal breaker lines for the high and low points to better visually represent fractal breaks. Customizable to fit individual needs, including the ability to show/hide lines and change box/line colors. Automatically adjusts premium/discount levels to current price when a fractal point is broken. Can be used for higher timeframe analysis to determine potential price direction. Premium/discount box provides insight into potential market direction based on price movement within its range. Fractal break with strong market momentum indicates a higher chance of trend continuation. Fractal break with weak market momentum may suggest a potential trend reversal. A powerful indicator that can greatly assist in determining trend direction.
Pine Script™ indicator
by Jonny86FXPro
2
Bollinger Bands - Breakout StrategyThe Bollinger Bands - Breakout Strategy is a trend-following optimized for short-term trading in the crypto market. This strategy employs the Bollinger Bands, a widely recognized technical indicator, as its primary instrument for pinpointing potential trades. It is capable of executing both long and short positions, depending on whether the market is in a spot or futures, and is particularly effective in trending markets. The strategy boasts a high degree of configurability, allowing users to set the Bollinger Bands period and deviation, trend filter, volatility filter, trade direction filter, rate of change filter, and date filter. Furthermore, it offers options for Take Profit, Stop Loss, and Trailing Stop for both long and short positions, ensuring a comprehensive risk management approach. The inclusion of a maximum intraday loss feature adds another layer of protection, making this strategy a valuable tool for traders seeking a professional and adaptable trading system. Name : Bollinger Bands - Breakout Strategy Category : Trend Follower based on Bollinger Bands Operating mode : Long and Short on Futures or Long on Spot Trade duration : Intraday Timeframe : 2H, 3H, 4H, 5H Market : Crypto Suggested usage : Trending Markets Entry : When the price crosses above or below the Bollinger Bands Exit : Opposite Cross or Profit target, Trailing stop or Stop loss Configuration : - Bollinger Bands period and deviation - Trend Filter - Volatility Filter - Trade direction filter - Rate of Change filter - Date Filter (for backtesting purposes) - Take Profit, Stop Loss and Trailing Stop for long and short positions - Risk Management: Max Intraday Loss Backtesting : ⁃ Exchange: BINANCE ⁃ Pair: BTCUSDT.P ⁃ Timeframe: 4H ⁃ Fee: 0.025% ⁃ Slippage: 1 - Initial Capital: 10000 USDT - Position sizing: 10% of Equity - Start : 2019-09-19 (Out Of Sample from 2022-12-23) - Bar magnifier: on Credits : - LucF of Pine Coders for f_security function to avoid repainting using security. - QuantNomad for Monthly Table. Disclaimer : Risk Management is crucial, so adjust stop loss to your comfort level. A tight stop loss can help minimise potential losses. Use at your own risk. How you or we can improve? Source code is open so share your ideas! Leave a comment and smash the boost button! Thanks for your attention, happy to support the TradingView community.
Pine Script™ strategy
by TheSocialCryptoClub
7
Support & Resistance With Breakout & RetestIntro The Breakout Retest Indicator is a valuable tool utilized to confirm the occurrence of a proper breakout so you know when to enter on a retest. It analyses the price movement of an asset and identifies a breakout when the price level surpasses the inputted support and resistance values. Conditions The indicator operates based on simple yet reliable conditions. Once a candle closes above or below the specified line, the next candle's closure above or below without touching the high or low levels confirms the breakout. The indicator subsequently changes its color, signaling a long or short position. Upon retesting, it reverts to its original color. Need Your Help I am sharing this indicator to solicit your input in improving it. As a committed developer, I have ambitious plans for enhancing the indicator's functionality. To that end, I welcome your suggestions and ideas to build indicators that can contribute to the success of people's strategies. Future Ideas Some of the potential improvements that I plan to incorporate include the implementation of zones. Users will be able to define zones that require breaking above or below for a confirmed breakout. Additionally, a volume check will provide additional confirmation by evaluating the volume level relative to the breakout. Lastly, close above or below feature will ensure that a certain number of ticks, percentage, or price level has been breached to confirm the breakout.
Pine Script™ indicator
by TheHippieTrader
2
Volatility Range Breakout Strategy [wbburgin]The "Volatility Range Breakout Strategy" uses deviations of high-low volatility to determine bullish and bearish breakouts. HOW IT WORKS The volatility function uses the high-low range of a lookback period, divided by the average of that range, to determine the likelihood that price will break in a specific direction. High and low ranges are determined by the relative volatility compared to the current closing price. The high range, for example, is the (volatility * close) added to the close, the low range is this value subtracted by the close. A volatility-weighted moving average is taken of these high and low ranges to form high and low bands. Finally, breakouts are identified once the price closes above or below these bands. An upwards breakout (bullish) occurs when the price breaks above the upper band, while a downwards breakout (bearish) occurs when the price breaks below the lower band. Positions can be closed either by when the price falls out of its current band ("Range Crossover" in settings under 'Exit Type') or when the price falls below or above the volatility MA (default because this allows us to catch trends for longer). INPUTS/SETTINGS The AVERAGE LENGTH is the period for the volatility MA and the weighted volatility bands. The VOLATILITY LENGTH is how far the lookback should be for highs/lows for the volatility calculation. Enjoy! Let me know if you have any questions.
Pine Script™ strategy
by wbburgin
6
Yesterday’s High Breakout - Trend Following StrategyYesterday’s High Breakout it is a trading system based on the analysis of yesterday's highs, it works in trend-following mode therefore it opens a long position at the breakout of yesterday's highs even if they occur several times in one day. There are several methods for exiting a trade, each with its own unique strategy. The first method involves setting Take-Profit and Stop-Loss percentages, while the second utilizes a trailing-stop with a specified offset value. The third method calls for a conditional exit when the candle closes below a reference EMA. Additionally, operational filters can be applied based on the volatility of the currency pair, such as calculating the percentage change from the opening or incorporating a gap to the previous day's high levels. These filters help to anticipate or delay entry into the market, mitigating the risk of false breakouts. In the specific case of NULS, a 9% Take-Profit and a 3% Stop-Loss were set, with an activated trailing-stop percentage. To postpone entry and avoid false breakouts, a 1% gap was added to the price of yesterday's highs. Name : Yesterday's High Breakout - Trend Follower Strategy Author : @tumiza999 Category : Trend Follower, Breakout of Yesterday's High. Operating mode : Spot or Futures (only long). Trade duration : Intraday. Timeframe : 30M, 1H, 2H, 4H Market : Crypto Suggested usage : Short-term trading, when the market is in trend and it is showing high volatility. Entry : When there is a breakout of Yesterday's High. Exit : Profit target or Trailing stop, Stop loss or Crossunder EMA. Configuration : - Gap to anticipate or postpone the entry before or after the identified level - Rate of Change for Entry Condition - Take Profit, Stop Loss and Trailing Stop - EMA length Backtesting : ⁃ Exchange: BINANCE ⁃ Pair: NULSUSDT ⁃ Timeframe: 2H ⁃ Fee: 0.075% ⁃ Slippage: 1 - Initial Capital: 10000 USDT - Position sizing: 10% of Equity - Start : 2018-07-26 (Out Of Sample from 2022-12-23) - Bar magnifier: on Credits : LucF for Pine Coders (f_security function to avoid repainting using security) Disclaimer : Risk Management is crucial, so adjust stop loss to your comfort level. A tight stop loss can help minimise potential losses. Use at your own risk. How you or we can improve? Source code is open so share your ideas! Leave a comment and smash the boost button! Thanks for your attention, happy to support the TradingView community.
Pine Script™ strategy
by TheSocialCryptoClub
17
Days in rangeThis script is a little widget that I made to do some homework on the VIX. As you can see in the chart I was analyzing the 2008 market crash and the stats that followed it after until the market started to recover. You can see that theory in my "Ideas" tab. This is an interactive set of lines that you can use to count the the bars inside and outside of your chosen range, and the percentage outside that range. You should initially enter the price range of your product in the menu and set some arbitrary dates that you can easily see on your chart. Drag and drop the lines around to suit what price and the dates you are analyzing. The table will display the bar count inside and outside of the range, the total bars, and the percentage outside that range. I personally used this as a tool to study the overall average of the product, compared with the behavior during major market events. It is currently my opinion that post 2020 analysis needs to take into account the behavior of any given product prior to 2020 when the VIX was in its comfort zone. Not to say that a price valuation hasn't been set, but that the movement to that price was outside of "Normal Market Conditions," and the time factor to return to that value might be skewed. Other factors would need to be considered at that point pertaining to your specific product or corelating indicator. I could see this tool being useful to Forex and commodities traders. But that isn't my field so that that for what it is. I do think it would perform best on something that is more pegged to a price range. I personally would use it on product's, like the VIX, that I use as an indicator product. That is what it was designed for. But I suppose it could be used for Mean price and time related analysis, maybe with a Vwap, SMA or other breakout style indicators. Volume analysis might be pretty sporty. Possibly time patterns... the possibilities could be endless. Or... limited. I am publishing this for my trade group so that it can be tinkered with to find other helpful ways to use it. If anyone finds something interesting with other indicators, please drop a comment below and I could consider creating a script to integrate with this tool.
Pine Script™ indicator
by goofoffgoose
4
Base FinderThe Base Finder is a powerful tool to identify consolidation periods in a stock's advance. With this indicator, traders can effortlessly spot consolidation patterns on their charts providing them with a deeper understanding of the stock's price action. Base Finder goes beyond identifying consolidation patterns, as it also offers key information about the consolidation such as the depth, length, pivot point, and the number of accumulation or distribution weeks throughout the pattern. This information allows traders to compare and analyze the best basing patterns quickly and easily. With Base Finder, traders can differentiate between a Flat Base, a High Tight Flag, or a consolidation, like a cup with handle or double bottom base. This tool helps traders of all levels train their eye to identify potential trading opportunities that might have otherwise gone unnoticed. Base Finder is a must-have tool for any trader, especially those that have studied the work of William O’Neil. Base Finder stacks up base for base with MarketSmith. Easily customize the settings, from the look to the intricacies of a consolidation. Default base and accumulation/distribution settings: Flat Base length: 5 weeks minimum depth: <= 15% High Tight Flag Flag Pole: up 80% or more in less than 8 weeks Flag: Less than 25% correction in 2-4 weeks Consolidation: length: minimum 6 weeks depth: <= 35% Accumulation Week: Current candle closes lower, but in the upper half of the weekly closing range on above average volume. OR Current candle closes positive in the upper 40% of the weekly closing range on above average volume. Distribution Week: Current candle closes positive, but in the lower quartile of the weekly closing range on above average volume. OR Current candle closes down on the week in the lower half of the weekly closing range on above average volume. Notes This indicator is meant to be used on the weekly timeframe. In order to see the stats labels hover your mouse over the left side high of the consolidation and please make sure the indicator is brought to the front using the visual order of your chart. If the visual order is not correct you will not be able to see the stats label. Disclaimer: This indicator is for informational and educational purposes only. Do your own research before making any trade decisions. We accept no liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on this indicator.
Pine Script™ indicator
by Amphibiantrading
144
Open RangeThis is a simple script that will look back a set number of candles at a specified time (example: Ny Open) and find the "High and Low " of the range/ market in the given look back period. It will then draw two lines and the range zone as a box. Breakout traders can use these levels to help find interesting areas for a breakout. Reversal traders can use these levels to help locate false breakouts. Simple type in your time zone Example: GMT-4 Set the time you want the indicator to draw the start line Example: 8:30am then set the candle look back Example: 60 Hope this script helps spark some ideas Happy trading
Pine Script™ indicator
by melodicfish
TradeEasy - KintroThe TradingView script provided is a custom indicator named "TradeEasy - Kintro". It is created by the author Kintro and is designed to help traders identify potential buy and sell signals in the market. The indicator is based on the Exponential Moving Average (EMA) and uses two different EMAs, one with a period of 20 and the other with a period of 50. The indicator is meant to be used on the 5-minute timeframe and it is recommended to use TradingView in Dark Mode for better appearance. The author also reminds users that no strategy works 100% accurately and backtesting should be done before trading with a real account. The author is not responsible for any losses incurred by traders. The indicator uses a simple set of rules to generate trading signals. The thick line on the chart represents the 50 EMA while the thin line represents the 20 EMA. When the thin line crosses upwards over the thick line, it indicates a bullish signal. After the crossover, traders are advised to wait for the price to pullback between the two lines. A range should then be created while the price moves through the thin line. On the break of the range, an entry signal is generated, and the stop loss should be set below the range. The author advises traders to exit their profits according to their own analysis or price action and not to re-enter on the next pullback of the same trend. The same rules apply when the thin line crosses downwards over the thick line. The author emphasizes that range creation is mandatory on crossing and that traders should not try to go against the trend. If the price is above both lines, traders should only go for buy orders, and vice versa. If there is no range created while crossing, traders are advised not to enter the market. Traders should wait for the opportunity and not force a trade. The indicator also includes a plot of the 34 EMA, and a range is created above and below the price action using the "up" and "down" variables. The author uses the "fill" function to color the background of the chart to highlight the range. The "dummy" variable is used to plot circles above or below the price action, depending on the trend. In summary, the "TradeEasy - Kintro" indicator is a custom indicator designed to help traders identify potential buy and sell signals based on the crossing of two EMAs. The author provides a set of rules to generate trading signals and advises traders to wait for the opportunity and not force a trade. The indicator also includes a visual representation of the range created on the chart. As always, traders are advised to conduct their own research and analysis before entering any trades.
Pine Script™ indicator
by kintrotrades
VWAP Bollinger Band Crossover Breakout with ResistanceCredit to © Jesus_Salvatierra for VWAP script This script help you find a trend in momentum stock that is about to breakout and shows resistance point. This script utilizes Bollinger bands VWAP and is good for intra day charts. VWAP, or Volume Weighted Average Price, is a technical analysis tool used to measure the average price a security trades at during a given time period, weighted by the trading volume for each price level. It is commonly used by traders and investors to identify the true average price of a security and to assess whether they are buying or selling at a fair price. A Bollinger Band is a technical analysis tool that uses standard deviation to measure the volatility of a security. The Bollinger Band is typically composed of three lines: the upper band, the lower band, and the middle band. The middle band is a simple moving average of the security's price, while the upper and lower bands are calculated based on the standard deviation of the security's price. A Bollinger Band crossover occurs when the price of a security crosses above or below one of the bands. When the price crosses above the upper band, it is considered overbought, while when it crosses below the lower band, it is considered oversold. Traders often use Bollinger Band crossovers as a signal to enter or exit a position, depending on their trading strategy. The VWAP and Bollinger Band crossover are two separate technical analysis tools that can be used in conjunction with each other. When a security's price crosses above or below the Bollinger Band, traders may look to the VWAP to confirm whether the security is trading at a fair price. If the security is trading above the VWAP, it may be overvalued, while if it is trading below the VWAP, it may be undervalued. Similarly, traders may use the Bollinger Band crossover as a signal to enter or exit a position, while also taking into account the VWAP to assess whether the price is fair.
Pine Script™ indicator
by beststockalert
JZ_Chaikin HTF Volatility BreakoutFirst off, all credit to Harry Potter as this is a minor customization of his indicator. Basic additions: -- Added a Higher Timeframe that is set to Daily but can be changed. Timeframe does wait until barstate.isconfirmed so won't repaint. -- Added HMA smoothing line to both Chart and HTF. Can be used as it's own signal, as confirmation or in combination with faster signal line -- Breakout signal & Range Highlight use both. -- Added optional coloring of HMA based on whether increasing or decreasing. -- Added a low volatility option that highlights Range/No Trade zones. Defval is off so needs to be selected from inputs. Breakout Signals are very simple and both take the HTF signal and HMA. When the faster Volatility line rises from below zero and comes within the range of -10 to 0, AND the HMA signals is increasing (and also below zero) for confirmation, generates a breakout signal of an incoming big move. You can alter the breakout threshold to be greater or less than -10, I just found that works best for filtering out the noise and false signals. Won't catch everything, but pretty reliable when it does. Tested mostly on BTC so can't vouch for other assets and would likely need modification. I've JUST taught myself coding from scratch (and to say I'm an amateur is an understatement), so apologies in advance if anything is unclear or could be coded better. Open to any suggestions.
Pine Script™ indicator
by JazzByrd
BBWAS StrategyA breakout in trading refers to a situation where the price of a security or asset moves beyond a defined level of support or resistance, which is typically indicated by technical analysis tools like Bollinger Bands . Bollinger Bands consist of three lines: the upper band, the lower band, and the middle band (or basis). The upper and lower bands are set at a specified number of standard deviations away from the middle band, and they help to define the range within which the price of an asset is expected to fluctuate. When the price of the asset moves beyond the upper or lower band, it is said to have "broken out" of the range. If the price closes below the lower band, it is considered a bearish breakout, and if it closes above the upper band, it is considered a bullish breakout. Once a breakout occurs, traders may look for a confirmation signal before entering a trade. In this case, crossing the middle line (or basis) after a breakout may signal a potential trend reversal and a good opportunity to enter a long or short trade, depending on the direction of the breakout. Overall, this script provides a customizable and flexible system for traders to use Bollinger Bands to identify breakout trades, with additional features to incorporate volume and RSI divergence. The dynamic TPSL system also allows traders to manage their risk and reward by automatically setting take-profit and stop-loss levels based on the volatility of the market. Dear traders, while we strive to provide you with the best trading tools and resources, we want to remind you to exercise caution and diligence in your investing decisions. It is important to always do your own research and analysis before making any trades. Remember, the responsibility for your investments ultimately lies with you. Happy trading!
Pine Script™ strategy
by rodrigo.aprieto
1
Pivot Trendlines with Breaks [HG]🧾 Pivot Trendlines and Breaks A script meant to debut and provide an example usage of the Simple Trendlines library using Pine Script's built-in pivot system. In under 50 lines of code, with inputs, plots, styling, and alerts included we're able to create trendlines with a breakout system. ▶️ How it works Calculating pivot points helps traders identify moments at which the market's attitude can shift from bullish to bearish. In the background, the script tracks pivot events for trendlines and uses a system that prevents any leakage between the trendlines before they are drawn. ⚫️ Settings Pivot Length Color Adjustments ⚫️ Alerts
Pine Script™ indicator
by HoanGhetti
43
RSI Trendlines with BreakoutsA pivot-based breakout indicator that attempts to provide traders with a visual aid for finding breakouts on the RSI. Similar to how we use trendlines on our charts, using them on the Relative Strength Index can also give us a sense of direction in the markets. This script uses its own pivot-based system that checks for real-time swing levels and triggers a new pivot event after every dip and nth bars. The breakout alerts that are given were not designed to be taken as signals since their purpose is to provide an extra bit of confluence. Because of this, I added no other conditions that try to make the alerts "perfect", but instead, print every breakout that is detected. Despite stating this, I did happen to add a condition that checks the difference in RSI and the breakout value, but that's as far as it'll go. There are alerts built-in to the script, along with adjustable repainting options. 🔳 Settings Lookback Range: Lookback period to trigger a new pivot point when conditions are met. RSI Difference: The difference between the current RSI value and the breakout value. How much higher in value should the current RSI be compared to the breakout value in order to detect a breakout? RSI Settings Styling Options 🔳 Repaint Options On: Allows repainting Off - Bar Confirmation: Prevents repainting and generates alerts when the bar closes. (1 candle later) 🔳 How it Works Before a trendline is drawn, the script retrieves the slope between the previous pivot point and the current. Then it adds or subtracts the slope x amount of times (based on the lookback range) from the current pivot value until the current x-axis is reached. By doing this we can get a trendline that will detect a breakout accurately. The result When using the RSI Difference condition, the script will print breakouts whenever the condition is true, because of this dotted lines were added to track where the alert was triggered. 🔳 Alerts
Pine Script™ indicator
by HoanGhetti
62