Breakouts with timefilter [LuciTech]Here's the updated description with "colors" replaced by "colours" throughout, maintaining the original structure and content:
Breaking Point 2.0
This is a technical analysis overlay indicator designed to identify breakout levels based on pivot highs and lows, with a focus on price action during customizable time windows using London time (UK). It draws horizontal lines at pivot points and plots signals when price breaks above or below these levels, offering traders a tool to monitor potential bullish or bearish movements. The indicator includes options for time filtering and displaying only the most recent breakout.
Features
The Pivot Breakout Lines display horizontal lines at detected pivot highs (bullish) and pivot lows (bearish), coloured green and red by default. These lines extend from the pivot point to the breakout bar and can be set to show only the latest breakout.
The Breakout Signals mark bullish breakouts with an upward triangle below the bar and bearish breakouts with a downward triangle above the bar, using customizable colours.
The Time Filter restricts signals and lines to a specific window (default: 14:30–15:00 UK), which can be toggled on or off. A shaded background highlights this period when enabled.
How It Works
The indicator calculates pivot highs and lows using a user-defined lookback period (default: 5 bars). When price closes above a pivot high, it triggers a bullish signal and draws a line from the pivot to the breakout bar. When price closes below a pivot low, it triggers a bearish signal with a corresponding line.
If the time filter is active, signals and lines only appear within the specified window. Outside this period—or if the filter is disabled—they appear based solely on price action. The indicator maintains up to three recent pivots in memory, removing older ones as new pivots form.
Alerts are available for both bullish and bearish breakouts, triggered when signals occur.
Settings
Length controls the lookback period for pivot detection (default: 5).
Colours Bull/Bear sets the colours for bullish (default: green) and bearish (default: red) lines and signals.
Show Last Breakout toggles whether only the most recent breakout line and signal are displayed (default: false).
Time Filter enables or disables the time restriction (default: true).
Fill Background toggles a shaded area during the time window (default: true), with a customizable colour.
Time Settings define the start hour/minute and end hour/minute for the filter (default: 14:30–15:00).
Interpretation
The Pivot Breakout Lines highlight levels where price has previously reversed, potentially acting as support or resistance. A breakout above a pivot high may suggest bullish momentum, while a breakout below a pivot low may indicate bearish pressure.
The Breakout Signals provide visual cues for these events, useful for timing entries or exits. When "Show Last Breakout" is enabled, the chart focuses on the most recent signal, reducing clutter.
The Time Filter and background shading help traders concentrate on specific trading sessions, such as high-volatility periods. When disabled, the indicator tracks breakouts across all times.
Breakoutsignals
Bull Bear Trend IndicatorIntroduction: Origin of the Swing Point Indicator
In the quest for a reliable indicator that accurately predicts trend directions and identifies valid highs and lows, the genesis of the Swing Point Indicator emerged. Faced with the challenge of finding a tool that provided comprehensive market analysis and actionable insights, the need for a novel solution became evident. Combining insights gleaned from market analysis and innovative algorithmic approaches, the Swing Point Indicator was born.
Enhanced Feature: Highs and Lows Labeling in Trend Direction
In addition to its core functionalities, the Swing Point Indicator incorporates an advanced feature that enhances the visualization of trend direction. This feature provides further clarity by selectively labeling highs and lows based on the prevailing trend, reinforcing the identification of higher highs and lower lows in uptrends and downtrends, respectively. Overlapping labels on highs and lows signify a potential trend change, providing traders with valuable insight into market reversals.
Detailed Description:
1. Uptrend Labeling:
- Higher Highs (Green Label with Price): In an uptrend, where higher highs are observed, the indicator labels these points with vibrant green color and includes the corresponding price value. This visually highlights the significance of higher highs as pivotal points in the upward trajectory of prices.
- Higher Lows (Red Marker without Text or Diamond): To complement the identification of higher highs, higher lows are marked with a distinct red marker or diamond, devoid of any accompanying text. While these points are crucial in delineating the ascending trend, their emphasis lies in their role as support levels, providing a foundation for upward price movements.
2. Downtrend Labeling:
- Lower Lows (Red Label with Price): Conversely, in a downtrend characterized by lower lows, the indicator labels these points with conspicuous red color, accompanied by the corresponding price value. Lower lows signify critical levels of downward price momentum, acting as indicators of potential bearish continuation.
- Lower Highs (Green Marker without Text or Diamond): Lower highs, indicative of downward retracements in a downtrend, are marked by distinctive green markers or diamonds without accompanying text. While these points denote temporary pauses or pullbacks in the bearish trend, their emphasis lies in their role as resistance levels, impeding upward price movements.
Functionality and Utility:
- Customizable Lookback Candle Count: Traders have the option to adjust the lookback candle count, which is set by default at 108 candles in the settings. This flexibility allows traders to tailor the indicator to their specific trading preferences and timeframes.
- Equal Highs or Lows Option: When enabled, the Swing Point Indicator can identify equal highs or equal lows, providing traders with additional insight into market dynamics.
- Formation Confirmation: A new higher high along with its higher low or a new lower low along with its lower high is confirmed after two candles have closed following the swing point candle. This ensures the reliability of the identified trend direction.
Conclusion:
The incorporation of selective labeling for highs and lows based on trend direction, alongside the introduction of customizable settings and formation confirmation criteria, enhances the effectiveness of the Swing Point Indicator. This feature-rich tool empowers traders with a nuanced understanding of market dynamics, highlighting critical price levels and trend reversals. By offering enhanced visualization, customizable options, and confirmation criteria, the Swing Point Indicator equips traders with the confidence and precision needed to navigate the markets successfully, contributing to more informed and profitable trading strategies.
