OPEN-SOURCE SCRIPT
Price Action [SnR+BreakOut / FalseBreak]
Core Functionality
Multi-Feature Analysis: Combines pivot points, support/resistance levels, breakout detection, and false break signals
Price Action Classification: Identifies market structure through Higher Highs, Lower Highs, Higher Lows, and Lower Lows
Key Features
1. Price Action Pivot Analysis
Pivot Detection Settings:
Customizable Lengths: Separate left/right lengths for high and low pivots (default: 13/26)
Pivot Classification:
Higher High (HH): Green triangle down - indicates bullish momentum
Lower High (LH): Red triangle down - indicates weakening uptrend
Higher Low (HL): Green triangle up - indicates strong pullback
Lower Low (LL): Red triangle up - indicates bearish momentum
Visual Options:
Toggle individual pivot types on/off
Show price labels with customizable sizes
Display pivot levels as lines or fractal chaos channels
Show average pivot line (high + low / 2)
2. False Break Detection
Advanced Breakout Validation:
False Break Signals: Detects when breakouts fail and price reverses
Validation Period: Configurable bars (1-10) to monitor break sustainability
Engulfing Condition: Requires reversal candle to engulf the breakout candle
Visual Alerts: "FalseB!!" labels in red (for failed breakouts) or green (for failed breakdowns)
False Break Logic:
Tracks recent breakouts/breakdowns
Monitors price action after the break
Flags when price re-enters the original range with strong reversal
3. Support & Resistance Levels
Swing-Based S/R:
Swing Period: Configurable lookback period (default: 26 bars)
Multiple Levels: Displays 3 most recent support and resistance levels
Customizable Appearance:
Line styles (solid, dashed, dotted)
Extend options (left, right, both, none)
Separate colors for support/resistance lines and labels
S/R Calculation:
Uses pivot highs/lows to identify significant levels
Maintains historical S/R levels as price moves
Automatically updates as new pivots form
4. Breakout Detection
Fractal Breakout Signals:
Breakout Arrows: Up/down arrows when price breaks pivot levels
Real-time Detection: Flags breaks as they occur
Clear Visuals: Green "⬆️" for breakouts, red "⬇️" for breakdowns
Multi-Feature Analysis: Combines pivot points, support/resistance levels, breakout detection, and false break signals
Price Action Classification: Identifies market structure through Higher Highs, Lower Highs, Higher Lows, and Lower Lows
Key Features
1. Price Action Pivot Analysis
Pivot Detection Settings:
Customizable Lengths: Separate left/right lengths for high and low pivots (default: 13/26)
Pivot Classification:
Higher High (HH): Green triangle down - indicates bullish momentum
Lower High (LH): Red triangle down - indicates weakening uptrend
Higher Low (HL): Green triangle up - indicates strong pullback
Lower Low (LL): Red triangle up - indicates bearish momentum
Visual Options:
Toggle individual pivot types on/off
Show price labels with customizable sizes
Display pivot levels as lines or fractal chaos channels
Show average pivot line (high + low / 2)
2. False Break Detection
Advanced Breakout Validation:
False Break Signals: Detects when breakouts fail and price reverses
Validation Period: Configurable bars (1-10) to monitor break sustainability
Engulfing Condition: Requires reversal candle to engulf the breakout candle
Visual Alerts: "FalseB!!" labels in red (for failed breakouts) or green (for failed breakdowns)
False Break Logic:
Tracks recent breakouts/breakdowns
Monitors price action after the break
Flags when price re-enters the original range with strong reversal
3. Support & Resistance Levels
Swing-Based S/R:
Swing Period: Configurable lookback period (default: 26 bars)
Multiple Levels: Displays 3 most recent support and resistance levels
Customizable Appearance:
Line styles (solid, dashed, dotted)
Extend options (left, right, both, none)
Separate colors for support/resistance lines and labels
S/R Calculation:
Uses pivot highs/lows to identify significant levels
Maintains historical S/R levels as price moves
Automatically updates as new pivots form
4. Breakout Detection
Fractal Breakout Signals:
Breakout Arrows: Up/down arrows when price breaks pivot levels
Real-time Detection: Flags breaks as they occur
Clear Visuals: Green "⬆️" for breakouts, red "⬇️" for breakdowns
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.