Candle Breakout Indicator


This is a simple indicator for setting candle breakout alerts. You will get a notification when price breaks and closes above or below the threshold you set.

How It Works

You set the long breakout and short breakout price, then the script waits until a candle breaks and closes beyond either of those zones. You can set one zone or both zones.

The only difference between this and a normal TradingView horizontal price alert is that you will not get an alert unless the candle closes beyond the level.

Settings

Long Breakout Price:
This sets the Long breakout price. Set it to zero to disable.

Short Breakout Price:
This sets the Short breakout price. Set it to zero to disable.

Offset:
This tells the script how far to offset the rendered line from the current candle. This is for drawing purposes only and shouldn’t need to be modified.



Source Code

// Created by Matthew J. Slabosz
// www.zenandtheartoftrading.com
// @version=3
study(title = "MJS - Breakout Indicator", shorttitle="BKOI", overlay = true, precision=5)

// Get user input
longBreakout = input(0.0, minval=0.0, title="Long Breakout Price:")
shortBreakout = input(0.0, minval=0.0, title="Short Breakout Price:")
off = input(5, minval=0, title="Offset")
longAlert =longBreakout > 0 and close > longBreakout
shortAlert = shortBreakout > 0 and close < shortBreakout

// Plot data to chart
plot(longBreakout > 0 ? longBreakout : na, title="Long Breakout Price", color=green, transp=0, linewidth=1, offset=off)
plot(shortBreakout > 0 ? shortBreakout : na, title="Short Breakout Price", color=red, transp=0, linewidth=1, offset=off)

// Send out an alert if this candle meets our conditions
alertcondition(longAlert or shortAlert, title="Breakout Alert!", message="Breakout signal for XXX")

Last Updated: 21st March, 2019


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