OPEN-SOURCE SCRIPT
False Breakout (Expo)
█ Overview
False Breakout (Expo) is an indicator that detects false breakouts in real-time. A false breakout occurs when the price moves through a certain level but doesn't continue to accelerate in that direction. This is because the price does not have enough momentum and the buying interest at this level is not high enough to keep pushing the price in that direction. Instead, the market reverses! All breakout traders are now forced to close their positions at a loss. However, contrarian traders that have identified this false breakout do get a perfect entry for a great reversal trade!
False Breakout is one of the most important price action trading patterns to learn because it can help traders understand whether a breakout is valid or false.
█ How to use
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
False Breakout (Expo) is an indicator that detects false breakouts in real-time. A false breakout occurs when the price moves through a certain level but doesn't continue to accelerate in that direction. This is because the price does not have enough momentum and the buying interest at this level is not high enough to keep pushing the price in that direction. Instead, the market reverses! All breakout traders are now forced to close their positions at a loss. However, contrarian traders that have identified this false breakout do get a perfect entry for a great reversal trade!
False Breakout is one of the most important price action trading patterns to learn because it can help traders understand whether a breakout is valid or false.
█ How to use
- Identify False Breakouts
- Identify Reversal trades
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Disclaimer
The information contained in my Scripts/Indicators/Ideas/Algos/Systems does not constitute financial advice or a solicitation to buy or sell any securities of any type. I will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, backtest, or individual's trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
My Scripts/Indicators/Ideas/Algos/Systems are only for educational purposes!
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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Access my indicators at: linktr.ee/zeiierman_trading
Earn $15
tradingview.com/gopro/?share_your_love=Zeiierman
SMC Trading
linktr.ee/zeiierman_trading
Disclaimer
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.