lovetotrade
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- Thinkorswim
hi @barbaros i hope you can help to convert this great intra day indicator, it is very solid. so we all can benefit of it. thank you in advance. here is the code:
https://www.tradingview.com/script/vz0bVIJo-False-Breakout-Expo/
https://www.tradingview.com/script/vz0bVIJo-False-Breakout-Expo/
Code:
// © Zeiierman
//@version=5
// This work is licensed under a Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0) https://creativecommons.org/licenses/by-nc-sa/4.0/
indicator("False Breakout (Expo)",overlay=true,max_bars_back = 2000)
// This work is licensed under a Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0) https://creativecommons.org/licenses/by-nc-sa/4.0/
// ~~ inputs {
prd = input.int(20, title="False Breakout Period",minval=2, maxval=100, group="Main Settings", tooltip="Set the new high/low period.")
minperiod = input.int(5,title="New Breakout within minimum X bars",minval=0, group="Main Settings", maxval=100, tooltip="A New Breakout within minimum X bars, in other words, a low value returns more fakeouts and a high value returns less.")
maxperiod = input.int(5,title="Signal valid for X bars",minval=1, maxval=100, group="Main Settings", tooltip="Set how many periods the fakeout signals can be valid. A high value returns more false breakouts and a low value returns fewer false breakouts.")
maType = input.string("💎", title="Select Smoothing",options=["💎","WMA","HMA"],inline="Select Smoothing", group="Advanced Smoothing")
length = input.int(10, title="", minval=1, maxval=100,inline = "Select Smoothing", group="Advanced Smoothing", tooltip="Set a smoothing filter, it helps to filter out some signals and can be used to catch continuation fakeouts. If you use a smoothing filter please consider increasing the 'Signal valid for X bars' to above 10-50.")
a = input.bool(false, title="Aggressive", group="Advanced Smoothing", tooltip="This filter enables a more aggressive false breakout detection.")
//~~~}
// ~~ var {
var val = float(na)
var index = array.new<int>(2,0)
var count = 0
n = bar_index
h = high
l = low
c = close
//~~~}
// ~~ smoothing {
smoothing(src,len)=>
ma = switch maType
"WMA" => ta.wma(src,len)
"HMA" => ta.hma(src,len)
"💎" => src
//~~~}
// ~~ new high/low {
hi = smoothing(ta.highest(a?l:h,prd),length)
lo = smoothing(ta.lowest(a?h:l,prd),length)
condHi = hi>hi[1] and hi[1]<=hi[2]
condLo = lo<lo[1] and lo[1]>=lo[2]
//~~~}
// ~~ count {
if condHi
if count>0
count := 0
count := count - 1
val := l
array.unshift(index,n)
array.pop(index)
if condLo
if count<0
count := 0
count := count + 1
val := h
array.unshift(index,n)
array.pop(index)
//~~~}
// ~~ cond {
indx0 = array.get(index,0)
indx1 = array.get(index,1)
minbars = indx1+minperiod<indx0
maxvalid = n-maxperiod<=indx0
breakdown = ta.crossunder(c,val)
breakup = ta.crossover(c,val)
falsebreakoutup = count<-1 and breakdown and maxvalid and minbars
falsebreakoutdown = count>1 and breakup and maxvalid and minbars
//~~~}
// ~~ plot {
if falsebreakoutup
count := 0
line.new(indx0,val,n,val,color=#f23645, width = 2)
if falsebreakoutdown
count := 0
line.new(indx0,val,n,val,color=#6ce5a0, width = 2)
plotshape(falsebreakoutup?h:na, title="False Breakout Up", color=#f23645, style=shape.triangledown,location=location.abovebar,size=size.small)
plotshape(falsebreakoutdown?l:na, title="False Breakout Down", color=#6ce5a0, style=shape.triangleup,location=location.belowbar,size=size.small)
//~~~}
// ~~ alerts {
alertcondition(falsebreakoutup, 'False Breakout Up', 'False Breakout Up')
alertcondition(falsebreakoutdown, 'False Breakout Down', 'False Breakout Down')
//~~~}
Last edited by a moderator:
