Volume-Based Reversal and Breakout [The_lurker]

25 Jan

Indicator Overview:

The "Volume-Based Reversal and Breakout Indicator" is designed for use on the TradingView platform. Its primary function is to identify potential reversal candles using volume and price criteria and to mark significant breakout points. This tool is particularly valuable for traders who incorporate reversal patterns and volume analysis in their trading strategies.

Detailed Functionality:

Customizable Label Color:

Traders can choose the color of the labels that mark breakout points, allowing for personalization and better visibility on different chart backgrounds.
Volume Multiplier Input:

Users can set a 'Volume Multiplier' to define what constitutes significant trading volume. This multiplier is used to compare the current candle's volume with that of the previous candle. A higher volume on the current candle, as defined by this multiplier, is indicative of a significant trading activity.
Reversal Candle Criteria:

The script identifies a candle as a reversal candle if it meets the following conditions:
The closing price of the candle is lower than its opening price, indicating a bearish sentiment.
The trading volume of the candle is greater than the product of the previous candle's volume and the user-set volume multiplier. This implies increased trading activity during the formation of this candle.
The length of the candle's lower tail is greater than its body, suggesting a rejection of lower prices and potential bullish sentiment building up.
Breakout Identification and Marking:

Upon detecting a reversal candle, the indicator draws lines at the high and low of this candle.
These lines represent potential breakout levels. A breakout is confirmed if the price crosses above the high (indicating a bullish breakout) or below the low (indicating a bearish breakout) of the reversal candle.
When a breakout occurs, the indicator places an arrow marker at the breakout point. The direction of the arrow (upwards or downwards) and its color (customizable by the user) indicate the nature of the breakout.
Breakout Alerts:

The indicator includes an alert condition that notifies traders when a breakout occurs. This feature helps traders to quickly react to potential trading opportunities.
Practical Application:

The indicator is best used in markets with distinct volume patterns, as volume is a key component of its analysis.
It can be combined with other technical analysis tools, such as trend lines or moving averages, for additional confirmation of trading signals.
Traders should consider adjusting the volume multiplier based on the typical volume characteristics of the specific asset they are analyzing.
Conclusion:

This "Volume-Based Reversal and Breakout Indicator" is a robust tool that aids traders in identifying potential reversals and breakouts with an emphasis on volume analysis. It's customizable and alert-enabled features make it a versatile addition to a trader's toolkit, suitable for various trading styles and market conditions.



Disclaimer:

This indicator is provided "as is" without any warranties, either express or implied. The information and data contained within this indicator do not constitute investment advice or a recommendation to buy or sell any security. Users assume full responsibility for any trading decisions made based on the use of this indicator.

Past performance of indicators does not guarantee future results. Investing in financial markets involves risks, including the potential loss of capital. It is strongly advised to consult with a qualified financial advisor before making any investment decisions.

The development of this indicator does not constitute an endorsement or recommendation by TradingView or any other entity. All trademarks and trade names mentioned herein are the property of their respective owners.

2 Feb

Catatan Rilis

Indicator Overview:

The "Volume-Based Reversal and Breakout Indicator" is designed for use on the TradingView platform. Its primary function is to identify potential reversal candles using volume and price criteria and to mark significant breakout points. This tool is particularly valuable for traders who incorporate reversal patterns and volume analysis in their trading strategies.

Detailed Functionality:

Customizable Label Color:

Traders can choose the color of the labels that mark breakout points, allowing for personalization and better visibility on different chart backgrounds.
Volume Multiplier Input:

Users can set a 'Volume Multiplier' to define what constitutes significant trading volume. This multiplier is used to compare the current candle's volume with that of the previous candle. A higher volume on the current candle, as defined by this multiplier, is indicative of a significant trading activity.
Reversal Candle Criteria:

The script identifies a candle as a reversal candle if it meets the following conditions:
The closing price of the candle is lower than its opening price, indicating a bearish sentiment.
The trading volume of the candle is greater than the product of the previous candle's volume and the user-set volume multiplier. This implies increased trading activity during the formation of this candle.
The length of the candle's lower tail is greater than its body, suggesting a rejection of lower prices and potential bullish sentiment building up.
Breakout Identification and Marking:

Upon detecting a reversal candle, the indicator draws lines at the high and low of this candle.
These lines represent potential breakout levels. A breakout is confirmed if the price crosses above the high (indicating a bullish breakout) or below the low (indicating a bearish breakout) of the reversal candle.
When a breakout occurs, the indicator places an arrow marker at the breakout point. The direction of the arrow (upwards or downwards) and its color (customizable by the user) indicate the nature of the breakout.
Breakout Alerts:

The indicator includes an alert condition that notifies traders when a breakout occurs. This feature helps traders to quickly react to potential trading opportunities.
Practical Application:

The indicator is best used in markets with distinct volume patterns, as volume is a key component of its analysis.
It can be combined with other technical analysis tools, such as trend lines or moving averages, for additional confirmation of trading signals.
Traders should consider adjusting the volume multiplier based on the typical volume characteristics of the specific asset they are analyzing.
Conclusion:

This "Volume-Based Reversal and Breakout Indicator" is a robust tool that aids traders in identifying potential reversals and breakouts with an emphasis on volume analysis. It's customizable and alert-enabled features make it a versatile addition to a trader's toolkit, suitable for various trading styles and market conditions.

to update
1- Modify reversal candle

2- Modify the alert

Disclaimer:

This indicator is provided "as is" without any warranties, either express or implied. The information and data contained within this indicator do not constitute investment advice or a recommendation to buy or sell any security. Users assume full responsibility for any trading decisions made based on the use of this indicator.

Past performance of indicators does not guarantee future results. Investing in financial markets involves risks, including the potential loss of capital. It is strongly advised to consult with a qualified financial advisor before making any investment decisions.

The development of this indicator does not constitute an endorsement or recommendation by TradingView or any other entity. All trademarks and trade names mentioned herein are the property of their respective owners.

2 Feb

Catatan Rilis

to update
1- Modify reversal candle

2- Modify the alert

3 Feb

Catatan Rilis

The modification made to the Pine Script code involves ensuring that alert notifications are triggered only when a label indicating a breakout is created, specifically for high breakouts (breakout_label_high) and low breakouts (breakout_label_low). This is achieved by placing the alert function directly within the conditional blocks that check for breakouts above the high level and below the low level, respectively. This approach ensures that alerts are generated exclusively at the moment of breakout, avoiding repeated alerts that might occur in the original version of the script. By integrating the alert trigger within the same conditions that create the breakout labels, we effectively limit the alert notifications to only those instances where a new high or low breakout label is placed on the chart. This refinement makes the alert system more precise and relevant to the specific breakout events, providing users with timely notifications only when actual breakout conditions are met.

يتضمن التعديل الذي تم إجراؤه على كود Pine Script التأكد من أن إشعارات التنبيه يتم تشغيلها فقط عند إنشاء تسمية تشير إلى الاختراق، خاصة بالنسبة للاختراقات العالية (breakout_label_high) والاختراقات المنخفضة (breakout_label_low). ويتم تحقيق ذلك عن طريق وضع وظيفة التنبيه مباشرة داخل الكتل الشرطية التي تتحقق من الاختراقات فوق المستوى العالي وتحت المستوى المنخفض، على التوالي. يضمن هذا الأسلوب إنشاء التنبيهات حصريًا في لحظة الاختراق، وتجنب التنبيهات المتكررة التي قد تحدث في الإصدار الأصلي من البرنامج النصي. من خلال دمج مشغل التنبيه ضمن نفس الشروط التي تنشئ تسميات الاختراق، فإننا نحصر إشعارات التنبيه بشكل فعال في تلك الحالات فقط حيث يتم وضع علامة اختراق عالية أو منخفضة جديدة على الرسم البياني. يجعل هذا التحسين نظام التنبيه أكثر دقة وملاءمة لأحداث الاختراق المحددة، مما يوفر للمستخدمين إشعارات في الوقت المناسب فقط عند استيفاء شروط الاختراق الفعلية.