Multi Year Breakout

What the Script Does (Simple Summary)

Name: It's called "Multi Year Breakout" (or MYBO for short) and shows up right on your main price chart.
Settings You Control: You can easily change settings like:
How many months or years back the script should look to find the important old highest price and lowest price.

• How many months back it should look for the recent highest price.
  
• Whether you want to see the lines drawn on the chart for these highs and lows.
  
• The color, thickness, and style (solid, dashed, dotted) of the lines.
  
• An optional info box showing the price levels, where it appears, and the text size.
  

What it Calculates: It finds the exact price for the highest high in the "older" period you set, the highest high in the "recent" period, and the lowest low in the "older" period.

What it Draws:

• It draws horizontal lines on your chart at these key price levels. Think of the high lines (Fuchsia for older, Orange for recent) as price ceilings (resistance).
  
• It draws small triangle arrows below the price bars when a potential breakout happens.
  

The Breakout Signal:

• It checks if today's closing price moved above the highest ceiling (either the older Fuchsia line or the recent Orange line, whichever was higher yesterday).
  
• If it did, you get an arrow:
  

Fuchsia Arrow: Price broke above the older high ceiling (often more important).
Orange Arrow: Price broke above the recent high ceiling.

Alerts:
The script creates alert conditions. If you want a notification (popup, email, etc.), you MUST manually create an alert in TradingView's alert menu, choosing this script and selecting either the "Fuchsia Breakout" or "Orange Breakout" condition.

Best Way to Use It (Simple Guide)

• Goal: Use this script to help find stocks that are breaking through significant past price ceilings. This might signal the start of a new upward move.
  
• Best Charts: Works best on Daily or Weekly charts to see the bigger picture price action over months and years.
  

Setup:

• Add the script to your preferred chart.
  
• Adjust the settings (gear icon ⚙️) to define your "older" and "recent" periods (e.g., 60 months back for the older start, 12 months back for the older end / recent end).
  
• Choose which lines you want to see (usually the Fuchsia and Orange high lines are most useful).
  

Reading the Chart:

• Fuchsia Line: A major price level that stopped the price going higher in the more distant past. Breaking this is often significant.
  
• Orange Line: The highest price reached more recently. Breaking this shows current momentum.
  
• Arrows: An arrow appears when the price closes above the relevant high line (based on yesterday's level). The color tells you if it cleared the older (Fuchsia) or recent (Orange) hurdle.

Very Important - Use Other Tools Too! Don't trade based only on an arrow. Always look for extra confirmation:

• Volume: Was there a lot more trading activity than usual on the breakout day? (High volume is a good sign).
  
• Chart Pattern: Was the stock building up energy in a pattern before breaking out?
  
• Market Direction: Is the overall stock market also looking positive?
  

Set Up Alerts (If Wanted): If you want TradingView to notify you, go to the 'Alert' menu, select this script (MYBO), choose the "Fuchsia Breakout" or "Orange Breakout" condition, and set how you want to be notified.

Manage Risk: Sometimes breakouts look good but then fail. Always decide before you trade how much you're willing to risk and where you'll exit if the price falls back down (use a stop-loss).

Think of this script as a signal that says "Hey, look at this stock, it just cleared an important level!". It's your cue to investigate further using other analysis before making any trading decisions.