The Trendline Breakouts With Targets indicator is meticulously crafted to improve trading decision-making by pinpointing trendline breakouts and breakdowns through pivot point analysis.
Here's a comprehensive look at its primary functionalities:
Upon the occurrence of a breakout or breakdown, a signal is meticulously assessed against a false signal condition/filter, after which the indicator promptly generates a trading signal. Additionally, it conducts precise calculations to determine potential target levels and then exhibits them graphically on the price chart.
🔷Key Features:
🔸Trendline Drawing: The indicator automatically plots trendlines based on significant pivot points and wick data, visually representing the prevailing trend.
🔸Breakout and Breakdown Signals : It triggers trading signals when a breakout (price moves above the trendline) or a breakdown (price moves below the trendline) is detected, helping traders identify potential entry points.
🔸False Breakout/ Breakdown Filter ✔️: To enhance accuracy, the indicator incorporates a filter to reduce false breakout and breakdown signals, helping traders avoid premature entries.
🔸Target Calculation: The indicator performs target-level calculations, a critical aspect of trade management. These calculated target levels are visually displayed on the price chart, helping traders set precise profit targets and make well-informed trading decisions.
🔸Color-Change Labels: The indicator features label color changes to provide quick visual cues. Labels are initially displayed in orange. When a take profit (TP) level is reached, the label changes to green, indicating a successful trade. Conversely, if a stop-loss (SL) level is hit, the label turns red, signaling a losing trade.
🔸Settings :
This indicator combines technical analysis, trendline identification, breakout/breakdown signals, and risk management tools to assist traders in making more informed and efficient trading decisions. It can be a valuable addition to any trader's toolkit, helping them identify potential trade opportunities and manage risk effectively.
@alpiyandex, same problem to me also, every time watching the chart its very difficult......
Tkysl
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As someone who has been trading with trend lines for a long time, I have a suggestion. It would really be more useful if you draw the line after making the minimum number of touches 3 or changeable. (For example, if the user wrote 3, it hit that trendline 3 times and returned to the trend again then indicator ll draw.)
I am getting sick results with the below settings: 2 Min TF Period 6 Type: Wicks Extend 75 Please note these settings create some additional trend angles that are not needed and it gets a bit crowded but this fits my 47" degree angle strategy for short entries. $$$
@bunulu, I use tradingviews Trend Angle Tool. I have tested different angles such as 26, 47 and 60 degree angles work very well. So For example for a 'Short Entry trade" I zoom out fully on the chart and I draw the angle from the bottom of the price action/candle where price broke out from to the top of the highest candle. If price/candles starts to fall below the 47" degree angle I use that as an additional confluence/confirmation that price action to the upside is weakening and is aligning for a short entry. This indicator here works well for me on the 1 and 2 minute timeframes but i turn it on/off as needed. Essentially Make sure you are identifying previous wicks, areas of accumulation, areas of support/resistance as well as the direction of the trend. Test the angles when you zoom out on the chart and you will see how price aligns/reacts with the angles. I use the 144 min TF to identify market structure, 12 min to identify pull backs and the 1 and 2 min to enter trades.
Firstly I would like to congratulate @ChartPrime for the excellent indicator. I would like to contribute the code below, to add alerts every time a new signal is generated. Add in line 272:
alertcondition(Long and not TradeisON[1], "BUY!", "BUY!") alertcondition(Short and not TradeisON[1], "SELL!", "SELL!")