OPEN-SOURCE SCRIPT

Breakout Finder

Updated
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:
snapshot

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

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

Alerts added ;)


Enjoy!
Release Notes
Fixed.
Release Notes
Explanation added
Release Notes
updated
Breadth IndicatorsbreakdownbreakoutbreakoutsignalbreakouttradinglonesometheblueSupply ZonesupportSupport and ResistancetrendfollowingtrendtradingVolatility

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 publication is governed by House rules. You can favorite it to use it on a chart.

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