Today we have a simple, but endlessly versatile, indicator that plots the X Period High/Low/Mid of your chosen market.
Traditionally the 52 week High/Low is used as a breakout signal. However, by changing to an X period, and adding a midway line, we create a more versatile indicator that can be tailored to various markets.
By default it's set at 250 periods...
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.
This script adds the 52 weeks (one year) high/low to the chart but it wouldn't update the value on the current trading day, so that it would remain at the same level for the whole trading day. It can come really handy for day trading the day of the 52 weeks high/low breakout/breakdown.
The base of the indicator is the breakout of historic High and lows.
There are 3 basic configurations
1° The High length that measure the latest 10 bars and make the "higher high"
2° The Low length taht measure the latest 10 bars and make the "lower low"
3° The Breakout PIPs administrator that defines how much pips are needed from the latest higher high to be...
Continuing deeper and stronger with the screeners' educational serie one more time (#daft #punk #private #joke)
We don't have to wait for TradingView to allow screener based on custom indicator - we can build our own ^^
I - Long Terms concept
I had the idea from @scarff....
A pun between the word flag and the adjective flagging (less dynamic), this indicator have two bands who react faster when in contact to the price. Imagine you are under sheets, if you abruptly rise, the sheets will instantaneously go up, then if you abruptly get down, the sheets will fall slowly until being in contact with a surface, this is because...
Breakout strategy of H4 and L4 levels. Manual entries and exits - higher profits BUT because I am a novice in pinescript,
Can someone please:
1. Show me how to add exit strategy lines : close> ema(close,3) for exit short and opposite for long. I added myself but I can't make it to work in relation to camarilla entries; instead it shows all ema crossings..
// This is a simple Mean Reversion & Breakout Indicator.
// A Donchian Channel is plotted. A threshold equal to 0.25 of Daily ATR.
// If price reverses from this threshold, then it can be taken as possible Mean Reversion.
// If price crosses the previous Donchian levels, it can be taken as a possible breakout.
// Typical of such strategy is the whipsaw effect...
This is a simple Day Trade indicator, but can be used for swing and long term trades.
It is based on Donchian Channels to detect trend and point out resistance or support breakouts using arrows.
The bars ared colored when a breakout occurs. When a resistance breakout occurs the current and the next bars are colored green (default) and when a support breakout...
It is a long only strategy.
1. Buy when price breaks out of the upper band.
2. Exit has two options. Option 1 allows you to exit using lower band. Option 2 allows you to exit using basis line.
3. Slippage and commissions are not considered in the return calculation.
I didn't find a study for Inside bar as I wanted. Therefore I wrote a one with PineV4. This may help you to see inside bars.
It can recalculate and works with either (opens-closes) or (highs-lows)