Breakout/Breakdown Indicator (30 Min Range) by InvestYourAsset

๐Ÿ‘‰The indicator provided here is a technical analysis indicator for TradingView users that identifies potential breakout and breakdown opportunities on the initial 30-minute range in every trading session.

๐Ÿ‘‰The indicator high and low of the initial 30-minute period and plotting them as horizontal lines on the chart. The high is marked in green line and the low is marked in red line.

๐Ÿ“ˆThe indicator then generates buy and sell signals based on whether the current close price crosses above or below the previous 30-minute high and low, respectively.

๐Ÿ“ขThe indicator also has two inputs:

๐Ÿ‘‰sessionStartHour: The hour at which the trading session begins. The default value is 9, However users can change the time according to their own trading style.

๐Ÿ‘‰sessionStartMinute: The minute at which the trading session begins. The default value is 0.
These inputs can be used to adjust the indicator to the specific trading session that you are interested in.

โœ…How to use the Indicator:

๐Ÿ‘‰To use the 30 Minute Breakout/Breakdown Indicator, simply add it to your chart and configure the inputs to your liking. Once the indicator is added to the chart, it will plot the 30-minute high and low as horizontal lines, as well as generate buy and sell signals based on the current close price.

โœ…Here is a step-by-step guide:

๐Ÿ“ˆOpen TradingView and select the chart that you want to add the indicator to.

๐Ÿ“ˆClick on the "Indicators" tab and search for "30 Minute Breakout/Breakdown Indicator by InvestYourAsset".

๐Ÿ“ˆClick on the indicator to add it to your chart.

๐Ÿ“ˆConfigure the inputs to your liking. The default values are typically fine, but you can experiment with different values to see what works best for you.

๐Ÿ“ˆOnce you are satisfied with the settings, click on the "Apply" button.

๐Ÿ“ˆThe indicator will now be displayed on your chart. You will see two horizontal lines representing the previous 30-minute high and low, as well as triangles representing buy and sell signals.

โœ…How to interpret the signals:

๐Ÿ“ˆBuy signal: A buy signal is generated when the current close price crosses above the previous 30-minute high. This suggests that the price is likely to continue moving higher in the short term.

๐Ÿ“ˆSell signal: A sell signal is generated when the current close price crosses below the previous 30-minute low. This suggests that the price is likely to continue moving lower in the short term.

๐Ÿ‘‰Traders should remember that the present indicator is just one tool that can be used to identify potential trading opportunities. It is important to use other technical analysis tools and risk management techniques to confirm your trading signals before entering any trades.

โœ…Things to consider while using the indicator:

๐Ÿ“ˆLook for buy signals in an uptrend and sell signals in a downtrend. This will increase the likelihood of your trades being successful.

๐Ÿ“ˆPlace your stop losses below the previous 30-minute low for buy signals and above the previous 30-minute high for sell signals. This will help to limit your losses if the trade goes against you.

๐Ÿ“ˆConsider taking profits at key resistance and support levels. This will help you to lock in your profits and avoid giving them back to the market.

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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.


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.

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