Outside Candle Session Breakout [CHE]

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Outside Candle Session Breakout [CHE]

Session - anchored HTF levels for clear market-structure and precise breakout context

Summary

This indicator is a relevant market-structure tool. It anchors the session to the first higher-timeframe bar, then activates only when the second bar forms an outside condition. Price frequently reacts around these anchors, which provides precise breakout context and a clear overview on both lower and higher timeframes. Robustness comes from close-based validation, an adaptive volatility and tick buffer, first-touch enforcement, optional retest, one-signal-per-session, cooldown, and an optional trend filter.
Pine version: v6. Overlay: true.

Motivation: Why this design?

Short-term breakout tools often trigger during noise, duplicate within the same session, or drift when volatility shifts. The core idea is to gate signals behind a meaningful structure event: a first-bar anchor and a subsequent outside bar on the session timeframe. This narrows attention to structurally important breaks while adaptive buffering and debouncing reduce false or mid-run triggers.

What’s different vs. standard approaches?

Baseline: Simple high-low breaks or fixed buffers without session context.
Architecture: Session-anchored first-bar high/low; outside-bar gate; close-based confirmation with an adaptive ATR and tick buffer; first-touch enforcement; optional retest window; one-signal-per-session and cooldown; optional EMA trend and slope filter; higher-timeframe aggregation with lookahead disabled; themeable visuals and a range fill between levels.
Practical effect: Cleaner timing at structurally relevant levels, fewer redundant or late triggers, and better multi-timeframe situational awareness.

How it works (technical)

The chart timeframe is mapped to an analysis timeframe and a session timeframe.
The first session bar defines the anchor high and low. The setup becomes active only after the next bar forms an outside range relative to that first bar.
While active, the script tracks these anchors and checks for a breakout beyond a buffered threshold, using closing prices or wicks by preference.
The buffer scales with volatility and is limited by a minimum tick floor. First-touch enforcement avoids mid-run confirmations.
Optional retest requires a pullback to the raw anchor followed by a new close beyond the buffered level within a user window.
Optional trend gating uses an EMA on the analysis timeframe, including an optional slope requirement and price-location check.
Higher-timeframe data is requested with lookahead disabled. Values can update during a forming higher-timeframe bar; waiting and confirmation mitigate timing shifts.

Parameter Guide

Enable Long / Enable Short — Direction toggles. Default: true / true. Reduces unwanted side.
Wait Candles — Minimum bars after outside confirmation before entries. Default: five. More waiting increases stability.

Close-based Breakout — Confirm on candle close beyond buffer. Default: true. For wick sensitivity, disable.
ATR Buffer — Enables adaptive volatility buffer. Default: true.
ATR Multiplier — Buffer scaling. Default: zero point two. Increase to reduce noise.
Ticks Buffer — Minimum buffer in ticks. Default: two. Protects in quiet markets.
Cooldown Bars — Blocks new signals after a trigger. Default: three.
One Signal per Session — Prevents duplicates within a session. Default: true.
Require Retest — Pullback to raw anchor before confirming. Default: false.
Retest Window — Bars allowed for retest completion. Default: five.

HTF Trend Filter — EMA-based gating. Default: false.
EMA Length — EMA period. Default: two hundred.
Slope — Require EMA slope direction. Default: true.
Price Above/Below EMA — Require price location relative to EMA. Default: true.

Show Levels / Highlight Session / Show Signals — Visual controls. Default: true.
Color Theme — “Blue-Green” (default), “Monochrome”, “Earth Tones”, “Classic”, “Dark”.
Time Period Box — Visibility, size, position, and colors for the info box. (Optional)

Reading & Interpretation

The two level lines represent the session’s first-bar high and low. The filled band illustrates the active session range.
“OUT” marks that the outside condition is confirmed and the setup is live.
“LONG” or “SHORT” appears only when the breakout clears buffer, debounce, and optional gates.
Background tint indicates sessions where the setup is valid.
Alerts fire on confirmed long or short breakout events.

Practical Workflows & Combinations

Trend-following: Keep close-based validation, ATR buffer near the default, one-signal-per-session enabled; add EMA trend and slope for directional bias.
Retest confirmation: Enable retest with a short window to prioritize cleaner continuation after a pullback.
Lower-timeframe scalping: Reduce waiting and cooldown slightly; keep a small tick buffer to filter micro-whips.
Swing and position context: Increase ATR multiplier and waiting; maintain once-per-session to limit duplicates.

Timeframe Tiers and Trader Profiles

The script adapts its internal mapping based on the chart timeframe:

Under fifteen minutes → Analysis: one minute; Session: sixty minutes. Useful for scalpers and high-frequency intraday reads.
Between fifteen and under sixty minutes → Analysis: fifteen minutes; Session: one day. Suits day traders who need intraday alignment to the daily session.
Between sixty minutes and under one day → Analysis: sixty minutes; Session: one week. Serves intraday-to-swing transitions and end-of-day planning.
Between one day and under one week → Analysis: two hundred forty minutes; Session: two weeks. Fits swing traders who monitor multi-day structure.
Between one week and under thirty days → Analysis: one day; Session: three months. Supports position traders seeking quarterly context.
Thirty days and above → Analysis: one day; Session: twelve months. Provides a broad annual anchor for macro context.

These tiers are designed to keep anchors meaningful across regimes while preserving responsiveness appropriate to the trader profile.

Behavior, Constraints & Performance

Signals can be validated on closed bars through close-based logic; enabling this reduces intrabar flicker.
Higher-timeframe values may evolve during a forming bar; waiting parameters and the outside-bar gate reduce, but do not remove, this effect.
Resource footprint is light; the script uses standard indicators and a single higher-timeframe request per stream.
Known limits: rare setups during very quiet periods, sensitivity to gaps, and reduced reliability on illiquid symbols.

Sensible Defaults & Quick Tuning

Start with close-based validation on, ATR buffer on with a multiplier near zero point two, tick buffer two, cooldown three, once-per-session on.
Too many flips: increase the ATR multiplier and cooldown; consider enabling the EMA filter and slope.
Too sluggish: reduce the ATR multiplier and waiting; disable retest.
Choppy conditions: keep close-based validation, increase tick buffer, shorten the retest window.

What this indicator is—and isn’t

This is a visualization and signal layer for session-anchored breakouts with stability gates. It is not a complete trading system, risk framework, or predictive engine. Combine it with structured analysis, position sizing, and disciplined risk controls.

Disclaimer

The content provided, including all code and materials, is strictly for educational and informational purposes only. It is not intended as, and should not be interpreted as, financial advice, a recommendation to buy or sell any financial instrument, or an offer of any financial product or service. All strategies, tools, and examples discussed are provided for illustrative purposes to demonstrate coding techniques and the functionality of Pine Script within a trading context.

Any results from strategies or tools provided are hypothetical, and past performance is not indicative of future results. Trading and investing involve high risk, including the potential loss of principal, and may not be suitable for all individuals. Before making any trading decisions, please consult with a qualified financial professional to understand the risks involved.

By using this script, you acknowledge and agree that any trading decisions are made solely at your discretion and risk.

Do not use this indicator on Heikin-Ashi, Renko, Kagi, Point-and-Figure, or Range charts, as these chart types can produce unrealistic results for signal markers and alerts.

Best regards and happy trading

Chervolino

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