Real breakout

[Hailkayy]

Hello Apprentice,

Could we have an indicator that scans at the last X candles, and that sets a line in the zone where candles have retraced over it the least amount of times ?

Explanations : If you put random lines on a chart you may realise that some make better S/R than other.
Some lines will be crossed over/under many times, one candle after the other, making false breakout alerts.
Some lines wIll be crossed only once every few bars and show very clear breakout in the past and potentially high future breakout probability, as they filter the noise of the market.

Settings :

Period : last X bars
filter : Max Number of cross over/under allowed.
Max number of lines on chart :
Color :
Style :
These lines are dr
awn all the way back from the 1st candle of the defined period, until now.

Thanks a lot. New ideas these days.

[Apprentice]

Try this version.
viewtopic.php?f=17&t=63679

[Hailkayy]

Perfect thanks.