OPEN-SOURCE SCRIPT
First 12 Candles High/Low Breakout
This indicator identifies potential breakout opportunities based on the high and low points formed within the first 12 candles after the market opens on a 5-minute timeframe. It provides visual cues and labels to help traders make informed decisions.
Features:
Market Open High/Low: Marks the highest and lowest price of the first 12 candles following the market open with horizontal lines for reference.
Breakout Signals: Identifies potential buy or sell signals based on the first 5-minute candle closing above the open high or below the open low.
Target and Stop-Loss: Plots horizontal lines for target prices (100 points by default, adjustable) and stop-loss levels (100 points by default, adjustable) based on the entry price.
Visual Cues: Uses green triangles (up) for buy signals and red triangles (down) for sell signals.
Informative Labels: Displays labels with "Buy" or "Sell" text, target price, and stop-loss price next to the entry signals (optional).
Customization:
You can adjust the target and stop-loss point values using the provided inputs.
How to Use:
Add the script to your TradingView chart.
The indicator will automatically plot the open high, open low, potential entry signals, target levels, and stop-loss levels based on the first 12 candles after the market opens.
Use the signals and price levels in conjunction with your own trading strategy to make informed decisions.
Features:
Market Open High/Low: Marks the highest and lowest price of the first 12 candles following the market open with horizontal lines for reference.
Breakout Signals: Identifies potential buy or sell signals based on the first 5-minute candle closing above the open high or below the open low.
Target and Stop-Loss: Plots horizontal lines for target prices (100 points by default, adjustable) and stop-loss levels (100 points by default, adjustable) based on the entry price.
Visual Cues: Uses green triangles (up) for buy signals and red triangles (down) for sell signals.
Informative Labels: Displays labels with "Buy" or "Sell" text, target price, and stop-loss price next to the entry signals (optional).
Customization:
You can adjust the target and stop-loss point values using the provided inputs.
How to Use:
Add the script to your TradingView chart.
The indicator will automatically plot the open high, open low, potential entry signals, target levels, and stop-loss levels based on the first 12 candles after the market opens.
Use the signals and price levels in conjunction with your own trading strategy to make informed decisions.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.