morpheus747

HL BREAKOUT

The base of the indicator is the breakout of historic High and lows.
There are 3 basic configurations
1° The High length that measure the latest 10 bars and make the "higher high"
2° The Low length taht measure the latest 10 bars and make the "lower low"
3° The Breakout PIPs administrator that defines how much pips are needed from the latest higher high to be defined as a level breakout.

So the strategy is super easy. The indicators show you the 10...20.. or whatever you need old bars high and lows.
When a breakout of that levels occurs and the candle "close" above or below and the close are more than "X" amount of PIPs a marker show up. The marker are the signals of buy and sell

I test some configurations, and work in all timeframes but.

I suggest
10, 10, 0.0003 for timeframes from 1m to 15m
and 10, 10, 0.0005 for timeframes higher than 15m

Maybe you need to test other configurations for 4h 1 day, etc the basics are the same in all timeframes, the main difference is the amount of pips that will be considered as "breakout" the higher timeframe the higher amount you need to prevent false positives.

Last words: 0.000X are for the PIPs for currencies that have 4 or 5 decimals like euro             and other, if you use in YEN change it to a configuration of 2 digits decimal. Just that.

Have "fun" !
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//@version=2
//Author Erik Czumadewski
//Very modified version from work done by Golgistain
study(title="HL BREAKOUT", shorttitle="HL/BO", overlay=true)
len = input(10, minval=1, title="High Length")
len2 = input(10, minval=1,title="Low Length")
bopips = input(0.0003, minval=0, type=float, title="Breakout PIPs")

h = highest(len)
hpivot = fixnan(h)

l = lowest(len2)
lpivot = fixnan(l)

plot(hpivot, color=lime, linewidth=2)
plot(lpivot, color=red, linewidth=2)

plotshape((lpivot<lpivot[1]) and ((close+bopips) < lpivot[1] or (close+bopips) < lpivot[2])?1:na, style=shape.triangledown, location=location.abovebar, color=aqua, size=size.small)
plotshape((hpivot>hpivot[1]) and ((close-bopips) > hpivot[1] or (close-bopips) > hpivot[2])?1:na, style=shape.triangleup, location=location.belowbar, color=purple, size=size.small)
choongkumkie
6 months ago
Nice, thank you for sharing, is there any strategy testing that comes with this?
Reply
fivas123
5 months ago
Everything is OK!

Reply
BB3 PRO
2 months ago
Thanks for posting
I have enjoyed using this
Reply
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