OPEN-SOURCE SCRIPT
Breakout off Consolidation
Breakout detection indicator that identifies high-probability trading opportunities when price breaks out of tight consolidation patterns.
The script combines volume analysis, price action, and momentum to filter out low-quality setups.
The optional performance table tracks breakout outcomes based on MACD crossovers to provide a rough estimate of setup quality for the specific instrument. While past performance doesn't guarantee future results, these setups aim to provide favorable risk/reward opportunities when properly selected.
Key features:
The weekly time-frame typically provides the highest quality setups due to stronger institutional volume patterns and clearer consolidation structures.
This indicator can be used with Pine Script™ Screener to scan for breakout opportunities across your watchlists.
The script combines volume analysis, price action, and momentum to filter out low-quality setups.
The optional performance table tracks breakout outcomes based on MACD crossovers to provide a rough estimate of setup quality for the specific instrument. While past performance doesn't guarantee future results, these setups aim to provide favorable risk/reward opportunities when properly selected.
Key features:
- Smart consolidation detection that differentiates between tight, okay, and loose consolidation patterns
- Volume-based confirmation using multiple metrics including volume multiples and volume spikes
- Special "Golden Candle" breakouts (🥇) highlighting exceptional setups with ideal volume and price characteristics (from deep backtests)
- Risk management features with automatic stop loss placement based on consolidation structure
- Momentum Confirmation
The weekly time-frame typically provides the highest quality setups due to stronger institutional volume patterns and clearer consolidation structures.
This indicator can be used with Pine Script™ Screener to scan for breakout opportunities across your watchlists.
Skrypt open-source
W prawdziwym duchu TradingView autor tego skryptu opublikował go jako open source, aby inwestorzy mogli go zrozumieć i zweryfikować. Pozdrowienia dla autora! Możesz go używać bezpłatnie, ale ponowne użycie tego kodu w publikacji podlega Zasadom Regulaminu. Możesz go oznaczyć jako ulubione, aby użyć go na wykresie.
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