This script gives Signal based on 3 parameters (1) Exponential Moving average breakout (2)Retest after Breakout (3) Peak Breakout after retest for conformation
Recommended Settings: (1) EMA Length = 20 period (2)Left Bars= Right Bars = 4 (3)15min chart resolution Note: Default setting is what recommended.
Interpretation: (1)Green Background = Higher Peak Breakout candle after conformed retest (2)Red Background = Lower Peak Breakout candle after conformed retest (3) Green circle = 1st Upward Breakout candle after conformed retest ( if previous breakout is Downward) (4)Red circle = 1st Downward Breakout candle after conformed retest ( if previous breakout is Upward) Note: you can additionally add backgrounds for EMA breakout and conformed Retest from code.
Signals: (1)Long = When Green circle (2)Short = When Red circle
This script works with any ticker id. Best Use for Equity and Forex Markets. Also, added alert condition for green and red circle.
P.S.: Thanks to @RagingRocketBull for source code for breakout candles
Notas de prensa
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Just Changed Graphical representation and user let control which things are needed to be added on chart.
Additional Changes: (1) Calculate based on EMA (default setting SMA) (2) Enable Successive Breakout (3) Enable Correct Retests (4) Enable EMA/SMA Breakout
Graphical Changes Made: (1) Green circle => Green Background (2) Red Circle => Red Background (3) Successive UpBreakouts => Lime Background (4) Successive DownBreakouts => Maroon Background (5) Green Triangle => Correct Upward Retest (6) Red Triangle => Correct Downward Retest (7) Green Cross => MA Up Breakout candle (8) Red cross => MA Down Breakout candle