Ranges and Breakouts [AlgoAlpha]

Key Features
- 💹 Dynamic Range Detection: Automatically identifies market ranges using customizable look-back and confirmation periods.
- 🎯 Breakout Alerts: Get alerted to bullish and bearish breakouts for potential trading opportunities.
- 📊 Visual Aids: Displays pivot highs/lows within ranges and plots midlines with adjustable styles for easier market trend interpretation.
- 🔔 Alerts: Signals potential take-profit points based on volatility and moving average crossovers.
- 🎨 Customizable Appearance: Choose between solid, dashed, or dotted lines for midlines and adjust the colors for bullish and bearish zones.
How to Use
- ⭐ Add the Indicator: Add the indicator to favorites by pressing the star icon. Adjust the settings like the look-back period, confirmation length, and pivot detection to match your trading strategy.
- 👀 Monitor the Chart: Watch for new ranges to form, highlighted by shaded boxes on the chart. Midlines and range bounds will appear to help you gauge potential breakout points.
- ⚡ React to Breakouts: Pay attention to color changes and alert signals for bullish or bearish breakouts. Use these signals to enter or exit trades.
- 🔔 Set Alerts: Customize alert conditions for new range formations, breakout signals, and take-profit levels to stay on top of market movements without constant monitoring.
How It Works
The indicator detects price ranges by analyzing the highest and lowest prices over a specified period. It confirms a range if these levels remain unchanged for a set number of bars, at which point it visually marks the range with shaded boxes. Pivots are identified within these ranges, and a midline is plotted to help interpret potential breakouts. When price breaks out of these defined ranges, the indicator changes the chart's background color to signal a bullish or bearish trend. Alerts can be set for range formation, breakouts, and take-profit opportunities, helping traders stay proactive in volatile markets.
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.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.
Code: ALPH4
🚨Get premium: algoalpha.io
🛜Get FREE signals: discord.gg/xCmqTVRexz
❓Do you have feedback or indicator ideas? Join our server to tell us about it!
Declinazione di responsabilità
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.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.
Code: ALPH4
🚨Get premium: algoalpha.io
🛜Get FREE signals: discord.gg/xCmqTVRexz
❓Do you have feedback or indicator ideas? Join our server to tell us about it!