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
Açık kaynak kodlu komut dosyası
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Feragatname
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Açık kaynak kodlu komut dosyası
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Feragatname
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.