HeWhoMustNotBeNamed

Breakout Candles

Candle is considered breakout upon two conditions:

1. Volume is higher than volume ema . Input allows you to add markup so that you can check if volume > 10% more than EMA
2. Change from previous close or distance between open and close is greater than ATR Multiplier * ATR.

Breakout color is based on whether the value of previous close is higher or lower than present close.

I would love to have wick and border color changed too. But, looks like not possible :(
Release Notes: Updated code to ignore volume if not available.
Release Notes: Updates:
  • Added separate length input for Volume EMA and ATR
  • Added Target markers which can be used for stop orders or stop loss.
  • Target Markup can be adjusted based on market conditions to widen stops.
Release Notes: Updates:
  • Add different calculations for UpTarget and DownTarget based on trend. (Supertrend is used for calculating trend)
  • Added option to display as channel instead of target points
Release Notes: Updates
  • Added display options : Targets, Target Channel, Target with Stops, Up Channel, Down Channel
  • Targets is regular target markers based on Candle Breakouts
  • Target Channel is also existing feature where it shows Up Target and Down Target as channel
  • Target with Stops calculate Stop value based on ATR multiplied by stopMultFactor. This can be used as initial stop loss while placing Stop pending order.
  • Up Channel is channel made up of Up Target and respective stops
  • Down Channel is channel made up of Down Target and respective stops
Release Notes: Simplifying script to make it easily understandable - removing clutters
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?
Please PM me if you need access to any invite only screen.

Join tradingview: https://www.tradingview.com/gopro/?share_your_love=sudh

Comments

What is the big diff from this one and V.2?
+1 Reply
@dAyWeeDz, This one is basic concept. Whereas V2 is more refined. V2 takes into consideration of general trend bias and applies different parameters to identify breakouts. Plus you can also display channels based on breakouts.
Reply
dAyWeeDz HeWhoMustNotBeNamed
@HeWhoMustNotBeNamed, Aha okey so you would prefer to use v2 vs this one? Love the script btw , amazing work
+1 Reply
@dAyWeeDz, Thanks. Happy trading ;)
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out