Daily & Weekly False-Breakout Detector

Feb 21

Daily & Weekly Lines

• We retrieve previous day/week’s High and Low.
  

• lookahead=barmerge.lookahead_on means we see the “final” daily/weekly bar values intraday, so it may repaint in real‐time.
  

• False Breakout Logic
  

• Intraday crosses of close above the previous high (PDH or PWH).
  

• By the end of the daily/weekly bar, close is back below that high.
  

• Similarly for false breakdowns below PDL or PWL.
  

Shape/Alert

• Each time an intraday bar crosses up or down, if the final daily/weekly close reverts back inside the prior range, a label is drawn and an alert is triggered.
  

• Because we are “peeking” at the daily/weekly close, these signals can appear or disappear in real‐time.
  

• If you only want a confirmed signal after the period’s close, switch to lookahead_off, which will finalize them at the next day or next week.
  

Feb 23

Release Notes

Updated Weekly False Break conditions