OPEN-SOURCE SCRIPT
10-Bar Breakout + Volume + Adjustable Target(Mastersinnifty)
Description
This indicator identifies potential breakout opportunities from short-term price congestion zones, confirmed with volume. It dynamically highlights breakout signals and plots corresponding price targets using adjustable parameters.
How It Works
Inputs
Use Case
Disclaimer
This script is for educational and analytical purposes only. Use appropriate risk management and test any strategy thoroughly before using it in live trading.
This indicator identifies potential breakout opportunities from short-term price congestion zones, confirmed with volume. It dynamically highlights breakout signals and plots corresponding price targets using adjustable parameters.
How It Works
- Calculates the highest high and lowest low over the past N bars (default: 10) to define a congestion range.
- Confirms a breakout only if volume exceeds the average (SMA or EMA) by a user-defined multiplier.
- Plots arrows for Buy or Sell signals based on breakout direction.
- Sets a price target using a configurable multiple of the congestion range.
- Highlights breakout bars with subtle background colors.
- Optionally displays the calculated volume threshold for reference.
Inputs
- Congestion Bar Count: Number of bars to define the congestion range.
- Volume Multiplier: Volume must exceed this multiple of average volume.
- Volume MA Type: Select between SMA or EMA for volume calculation.
- Target Multiplier: Controls how far the price target is from the breakout level.
Use Case
- Identify high-probability breakout opportunities with volume confirmation.
- Set dynamic price targets based on recent market structure.
- Avoid entries during low-volume or false breakout conditions.
Disclaimer
This script is for educational and analytical purposes only. Use appropriate risk management and test any strategy thoroughly before using it in live trading.
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.