LonesomeTheBlue

Breakout Finder

Helo All,

I got many requests for a Breakout script and here it's. This script searches the breakouts/breakdowns and draw square if there is one.

The options:
"Period" is used to find Pivot Points
"Max Breakout Length" is the maximum length to search breakouts
"Threshold Rate %"
is channel width of the breakout area. calculated using highest/lowest of last 300 bars.
"Minimum Number of Tests" is the minimum number of tests that the Price tried to break the S/R level
and some options for coloring and linestyle

Lets see some examples:

in this example "Minimum Number of Tests" is 2 so the Price must have tested to break resistance area 2 times and then it breaks it as seen in the screenshot:

in following example Threshold rate is %10, so the channel width is very big:

as you can see in followinf screenshot you can choose different colors and line styles:

Alerts added ;)


Enjoy!
Release Notes: Fixed.
Release Notes: Explanation added
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Want to use this script on a chart?

Comments

you deliver man
you always do
thanks for your contribution
100 coins
+10 Reply
LonesomeTheBlue siddhesh933
@siddhesh933, thanks
+2 Reply
Gracias :)
500 coins
+6 Reply
LonesomeTheBlue arslanberat
@arslanberat, thank you
+1 Reply
Awesome! Idol LTB is always so sendy!!! :-)
500 coins
+3 Reply
@Charlie8G,Thank you mate :)
+1 Reply
thanks
100 coins
+2 Reply
@cksinangin, thanks
Reply
500 coins
+2 Reply
@VonnyFX, Thank you
Reply