OPEN-SOURCE SCRIPT
IC breakout
This indicator was implemented to detect indecision candles on a daily and 4-hour timeframe.
The settings of the indicator allow you to specify the maximum size (in percentage) of the indecision candle, as well as the maximum price range (also in percentage) between the low and the high of that indecision candle.
Moreover, as the title might indicate, the goal was not to only detect the indecision candles, but to get alerts (and information on the graph) when the high or low of an indecision candle is broken on the next block.
The alerts allow both merged and separate alerts.
The settings of the indicator allow you to specify the maximum size (in percentage) of the indecision candle, as well as the maximum price range (also in percentage) between the low and the high of that indecision candle.
Moreover, as the title might indicate, the goal was not to only detect the indecision candles, but to get alerts (and information on the graph) when the high or low of an indecision candle is broken on the next block.
The alerts allow both merged and separate alerts.
- The alert "1. IC breakout high/low" will be triggered for both a breakout under the previous low or above the previous high
- The alert "2. IC breakout low" will be triggered only for a breakout under the previous low
- The alert "3. IC breakout high" will be triggered only for breakout above the previous high
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.
For quick access on a chart, add this script to your favorites — learn more here.
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.