Breakout Signals

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This indicator is a Pine Script tool for identifying potential trading opportunities using breakout signals. It provides two distinct types of breakout alerts and calculates a potential price target for one of them.

### Breakout Signal Types

* **Lowest Low Breakout:** This signal is triggered when the current bar closes above the high of the previous bar, and that previous bar had the lowest low within a user-defined lookback period. This indicates a potential bullish reversal after a short-term downtrend.
* **Highest High Breakout:** This signal occurs when the current bar's close price exceeds the highest high recorded within a specified lookback period. This pattern suggests strong bullish momentum and a potential continuation of an uptrend.

### Visuals and Alerts

The indicator helps visualize these signals on the chart by highlighting the background of entry candles. It uses a light green background for the Lowest Low Breakout and a light yellow for the Highest High Breakout. A table is displayed on the chart to show the details of the most recent Lowest Low Breakout and its calculated target. Additionally, it provides an alert feature to notify users in real time when either of the breakout conditions is met.

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Note di rilascio

The most recent update to this script simplifies the process of creating alerts in TradingView. Instead of using a dedicated input field within the indicator's settings to choose the alert type (Both, Lowest Low Only, Highest High Only), I've removed that input entirely. Now, when you go to create an alert for this indicator in TradingView, you will see two separate, pre-defined alert conditions:

Lowest Low Breakout

Highest High Breakout

This change makes it more intuitive to set up alerts. You can simply check the boxes for one, both, or neither of these conditions directly in the alert creation menu, providing more flexibility and a cleaner user interface.