Smart Money Breakout Signals [AlgoAlpha]

Introducing the Smart Money Breakout Signals, a cutting-edge trading indicator designed to identify key structural shifts and breakout opportunities in the market. This tool leverages a blend of smart money concepts like Break of Structure (BOS) and Change of Character (CHoCH) to provide traders with actionable insights into market direction and potential entry or exit points.

Key Features:

1. ✨ Market Structure Analysis: Automatically detects and labels BOS and CHoCH for trend confirmation and reversals.
   
2. 🎨 Customizable Visualization: Tailor bullish and bearish colors for breakout lines and signals to suit your preferences.
   
3. 📊 Dynamic Take-Profit Targets: Displays three tiered take-profit levels based on breakout volatility.
   
4. 🔔 Real-Time Alerts: Stay ahead of the game with notifications for bullish and bearish breakouts.
   
5. 📋 Performance Dashboard: Monitor signal statistics, including win rates and total signals, directly on your chart.
   

How to Use:
Add the Indicator: Add the script to your favourites ⭐ and customize settings like market structure horizon and confirmation type.


Monitor Breakouts: Observe BOS and CHoCH labels to identify potential trend shifts. Use the breakout lines and tiered take-profit levels to plan trades effectively.


Set Alerts: Enable alerts for bullish or bearish breakouts to act on opportunities without constant monitoring.


How It Works:
The indicator identifies market structure by analyzing pivot highs and lows over a user-defined time horizon. A breakout is confirmed based on either candle closes or wicks surpassing previous pivot points. Upon detection, the script generates signals with breakout lines and calculates take-profit targets based on the distance from the breakout level. A built-in dashboard tracks performance metrics like total signals and win rates, giving traders real-time feedback on strategy effectiveness.