How to use "Auto Trendline and Breakout Alert" Indicator
In this tutorial, we will learn how to use the "Auto Trendline & Breakout Alert (Linear / Log)" indicator.
Note: You can find it in the scripts section of my profile
Auto Trendline & Breakout Alert(Linear / Log) Full-Version by BobRivera990
Overall Introduction
This indicator is the best tool for breakout traders.
Drawing and evaluating the trend lines of multiple charts in different time frames is a very time-consuming and tedious task. In addition, being aware of breakouts in the shortest possible time requires constant monitoring.
With this tool, you can draw and classify trend lines in a fraction of a second and by placing an alert on any chart, you can receive notifications about breakouts, wherever you are.
The classification of trend lines is done based on the reaction of the price chart to the trend lines and the analysis of the trading volume .
This indicator is designed to reclassify trend lines with each reaction of the price chart. These lines are classified into 6 levels and these levels are distinguished by different colors. Thus, any touching or crossing of the price chart can make a difference.
Features
This indicator is designed for use on both linear and logarithmic scales. It works linearly by default. If you are using a logarithmic chart, enter the settings menu and set the chart scale parameter to “Log”.
The indicator is equipped with the volume status tool to identify and avoid false breakouts. Note that you can't completely avoid false breakouts, but you can minimize risk and loss. I have already published volume status as a separate script.
Several filters are provided to customize alerts. You can limit alerts based on the level and strength of broken trend lines , volume status, and type of breakout (Cross-Over, Cross-Under, or both).
The last breakouts panel gives an overview of the current market situation. You can activate it in the settings menu. the figure below shows the panel:
How to setup
There are many parameters in the settings menu, but two are more important. One is “Chart Scale” and the other is the “Max Operational Range Length".
Set the “chart scale” parameter according to the chart, otherwise the trend lines drawn by the indicator do not match the price chart.
If you are using a linear chart, select the "Linear" option or if you are using a logarithmic chart, select the "Log" option.
Max Operational Range Length Limits the range of the price chart that is processed by the indicator.
By increasing this parameter:
The strength and durability of the trend lines increases.
The number of breakout signals decreases.
The importance of breakout signals increases.
The indicator processing load increases.
The best range for "Max Operational Range" is from 300 to 1200,Change it until you get the best view possible.
Also by changing the "Filter" parameter from 1X to 5X, you can reduce the clutter in the chart.
The following figure shows the results of correct and incorrect settings:
Use it well...
Note: You can find it in the scripts section of my profile
Auto Trendline & Breakout Alert(Linear / Log) Full-Version by BobRivera990
Overall Introduction
This indicator is the best tool for breakout traders.
Drawing and evaluating the trend lines of multiple charts in different time frames is a very time-consuming and tedious task. In addition, being aware of breakouts in the shortest possible time requires constant monitoring.
With this tool, you can draw and classify trend lines in a fraction of a second and by placing an alert on any chart, you can receive notifications about breakouts, wherever you are.
The classification of trend lines is done based on the reaction of the price chart to the trend lines and the analysis of the trading volume .
This indicator is designed to reclassify trend lines with each reaction of the price chart. These lines are classified into 6 levels and these levels are distinguished by different colors. Thus, any touching or crossing of the price chart can make a difference.
Features
This indicator is designed for use on both linear and logarithmic scales. It works linearly by default. If you are using a logarithmic chart, enter the settings menu and set the chart scale parameter to “Log”.
The indicator is equipped with the volume status tool to identify and avoid false breakouts. Note that you can't completely avoid false breakouts, but you can minimize risk and loss. I have already published volume status as a separate script.
Several filters are provided to customize alerts. You can limit alerts based on the level and strength of broken trend lines , volume status, and type of breakout (Cross-Over, Cross-Under, or both).
The last breakouts panel gives an overview of the current market situation. You can activate it in the settings menu. the figure below shows the panel:
How to setup
There are many parameters in the settings menu, but two are more important. One is “Chart Scale” and the other is the “Max Operational Range Length".
Set the “chart scale” parameter according to the chart, otherwise the trend lines drawn by the indicator do not match the price chart.
If you are using a linear chart, select the "Linear" option or if you are using a logarithmic chart, select the "Log" option.
Max Operational Range Length Limits the range of the price chart that is processed by the indicator.
By increasing this parameter:
The strength and durability of the trend lines increases.
The number of breakout signals decreases.
The importance of breakout signals increases.
The indicator processing load increases.
The best range for "Max Operational Range" is from 300 to 1200,Change it until you get the best view possible.
Also by changing the "Filter" parameter from 1X to 5X, you can reduce the clutter in the chart.
The following figure shows the results of correct and incorrect settings:
Use it well...