OPEN-SOURCE SCRIPT
Price Action [False Break+BreakOut]
⚙️ Core Features
Pivot Point Detection
Customizable Pivot Detection: Set left and right length for pivot identification
Pivot Classification:
Higher High (HH): New high higher than previous high
Lower High (LH): New high but lower than previous high
Higher Low (HL): New low but higher than previous low
Lower Low (LL): New low lower than previous low
Visual Display Options
Triangle Markers: ▲/▼ symbols at pivot points
Price Labels: Display exact price values at pivot points
Support/Resistance Lines: Horizontal lines from pivot points
Fractal Chaos Channel: Display as channel lines
Breakout Detection
Breakout: Close above Pivot High
Breakdown: Close below Pivot Low
Visual Signals: Arrow icons and text labels ⬆️/⬇️
🚨 Special Feature: False Break Detection
How False Break Works
Tracks Recent Breakouts/Breakdowns
Monitors Reversals within specified number of bars
Uses Engulfing Conditions to confirm False Break signals
False Break Settings
Validation Bars: Configurable 1-10 bars for confirmation
Engulfing Check Options:
Include Candle Shadows: Check entire candle (body + shadows)
Body Only: Check only candle body
Customizable Colors and Text Sizes
False Break Signals
💥FalseB!!: False Break upward (Price breaks out then reverses down)
🚀FalseB!!: False Break downward (Price breaks down then reverses up)
📊 Trading Applications
For Price Action Traders
Identify market structure and trends
Locate key support/resistance from pivot points
Detect trend change patterns
For Breakout Trading
Distinguish between genuine breakouts and false breaks
Enter trades on confirmed breakouts
Set stop losses for false break trades
Risk Management
False Break Trading: Enter positions when false break detected
Genuine Breakouts: Wait for confirmation before entering
Use Pivot Levels for TP/SL placement
🎨 Customization Options
Selective Pivot Display: Choose which pivots to show (HH, LH, HL, LL)
Color and Style Adjustments
Bar Limit Settings: Control how many bars to display
Label and Text Size customization
Pivot Point Detection
Customizable Pivot Detection: Set left and right length for pivot identification
Pivot Classification:
Higher High (HH): New high higher than previous high
Lower High (LH): New high but lower than previous high
Higher Low (HL): New low but higher than previous low
Lower Low (LL): New low lower than previous low
Visual Display Options
Triangle Markers: ▲/▼ symbols at pivot points
Price Labels: Display exact price values at pivot points
Support/Resistance Lines: Horizontal lines from pivot points
Fractal Chaos Channel: Display as channel lines
Breakout Detection
Breakout: Close above Pivot High
Breakdown: Close below Pivot Low
Visual Signals: Arrow icons and text labels ⬆️/⬇️
🚨 Special Feature: False Break Detection
How False Break Works
Tracks Recent Breakouts/Breakdowns
Monitors Reversals within specified number of bars
Uses Engulfing Conditions to confirm False Break signals
False Break Settings
Validation Bars: Configurable 1-10 bars for confirmation
Engulfing Check Options:
Include Candle Shadows: Check entire candle (body + shadows)
Body Only: Check only candle body
Customizable Colors and Text Sizes
False Break Signals
💥FalseB!!: False Break upward (Price breaks out then reverses down)
🚀FalseB!!: False Break downward (Price breaks down then reverses up)
📊 Trading Applications
For Price Action Traders
Identify market structure and trends
Locate key support/resistance from pivot points
Detect trend change patterns
For Breakout Trading
Distinguish between genuine breakouts and false breaks
Enter trades on confirmed breakouts
Set stop losses for false break trades
Risk Management
False Break Trading: Enter positions when false break detected
Genuine Breakouts: Wait for confirmation before entering
Use Pivot Levels for TP/SL placement
🎨 Customization Options
Selective Pivot Display: Choose which pivots to show (HH, LH, HL, LL)
Color and Style Adjustments
Bar Limit Settings: Control how many bars to display
Label and Text Size customization
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.