OPEN-SOURCE SCRIPT
Breakout/Consolidation Filter [jwammo12]
This indicator acts as a filter for determining recent breakouts and consolidations in price.
The first way to use the indicator is with a short lookback period. It then will paint yellow most of the time, with red marking a sharp recent breakdown in price and green marking a sharp breakout in price. This can be used to follow the breakout, or to fade it.
The second way to use the indicator is a long lookback period. This will change the output to be colored most of the time, with small sections of yellow. The yellow indicators areas where price has not made a large move in a while, or periods of consolidation. This can then be used to plan reversal trades, or follows any new trend.
The blue line is a Average True Range Percent Rank, when this value is high, it means that breakouts are less likely to trigger, since price has been moving rapidly recently, and a relative breakout would have to be a large move. When the line is low, breakouts will trigger more easily, since price has been moving relatively slowly
The first way to use the indicator is with a short lookback period. It then will paint yellow most of the time, with red marking a sharp recent breakdown in price and green marking a sharp breakout in price. This can be used to follow the breakout, or to fade it.
The second way to use the indicator is a long lookback period. This will change the output to be colored most of the time, with small sections of yellow. The yellow indicators areas where price has not made a large move in a while, or periods of consolidation. This can then be used to plan reversal trades, or follows any new trend.
The blue line is a Average True Range Percent Rank, when this value is high, it means that breakouts are less likely to trigger, since price has been moving rapidly recently, and a relative breakout would have to be a large move. When the line is low, breakouts will trigger more easily, since price has been moving relatively slowly
Skrip open-source
Dengan semangat TradingView yang sesungguhnya, penulis skrip ini telah menerbitkannya sebagai sumber terbuka, sehingga para trader dapat memahami dan memverifikasinya. Hormat untuk penulisnya! Anda dapat menggunakannya secara gratis, namun penggunaan kembali kode ini dalam publikasi diatur oleh Tata Tertib. Anda dapat memfavoritkannya untuk digunakan pada chart
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Software Engineer and FX, Options, Crypto Trader. Previously worked at large options market maker. If you like my scripts and would like to donate:
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Bitcoin: 179ETrGo3FCVcnBV8i1uc4J8YHFRknYytz
Eth: 0x73d59A8214FD70053aF37E9700692e25de441245
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