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thetradingcompanyllp

Consolidation and Breakout detector

thetradingcompanyllp  
Volatility consolidation-breakout consolidation sideways breakout BANKNIFTY nifty50
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volatility consolidation-breakout consolidation sideways breakout banknifty nifty50
Experimental : This script identifies the consolidation of a stock for selected time period. The consolidation period and range can be configured. 2 levels of consolidation levels can be selected. i.e Strong and medium. The range for strong and medium level of consolidation can also be configured by the user.

A movement in the direction of breakout of the consolidation level is observed most of the times. I have also added reversal line/stoploss line, so that the breakout movement is cancelled once that line is crossed by the candle close.

Currently consolidation levels are configured for 5 minute chart BANKNIFTY NAS100USD . Can be reconfigured easily for any timeframe.
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