Breakout indicator

[Nikolay.Gekht]

Upd Nov 5, 2010: Indicator updated to support a time frame containing "end of day" mark. For example 21:00-8:00

The indicator highlight two zones: "period" and "box". During the period zone the high and low are calculated.

The zones are specified by the hh:mm offset against the beginning of the data (0:00). The following beginning of the day may be used:
- Trading Day begin (17:00 EST)
- EST midnight
- GMT midnight
- User local time zone midnight

Download the indicator:

breakout.lua

(7.37 KiB) Downloaded 26534 times

p.s. I suggest that the next request will be to develop the signal . This is why I introduced the parameter "Marketscope mode" in the indicator. When it is true, the indicator draws boxes, when it is false - the indicator will prepare the data for signal.

[a135711]

how about a signal? and maybe if i am not pushing my luck with indicator development, wrap this little gem into the tradesession highlight indicator as well

this breakout indicator would also be quite nice if it marked in the same fashion declining and rising channels,
SYMMETRICAL TRIANGLES
HEAD AND SHOULDERS CHARTS
ASCENDING TRIANGLES CHARTS
INVERTED HEAD AND SHOULDERS
DESCENDING TRIANGLES
FLAGS AND PENNANTS
WEDGES CHARTS
RECTANGLES CHARTS


for reference: http://www.chartpatterns.com/

this is seriously excellent work
thank you for your time

[Nikolay.Gekht]

Let's go step by step. Yeah, the market figures is pretty sweet thing. I hope one day we will have enough resources to create and release it.
Signal will be tomorrow.

[barbs666]

Nice work, Thanks,

is there a problem with doing bigger time frames other than 1hr?
This indicator does not load on a 1hr chart.

Thanks anyways

[Nikolay.Gekht]

The question is how to show the correct border between period and box when the date time is inside the bar?

E.g. I set the end of the period at 3:00 against the beginning of the trading day and H4 candles are chosen. In that case the first three hours of the first candle belongs to the period and the last hour belongs to box. I just have no idea how to show it correctly.

[barbs666]

Yeah I see your problem,

maybe, it can overlap boxes in that candle, so that when the different coloured boxes appear the high/low of the market session will differentiate the boxes on its own.

As a trader, that would not bother me to much as an overlap (which I assume would change the coloured boxes for the overlap) would not be a bad thing??

If I was using the 4hr chart, I would expect that a market overlap would occur and that the candle would not show any other sign thatn the high/low/open close so for me there would not be a big problem in having the boxes align at t he begining of the candle....... see what I mean?

Thanks

[hanscf]

How do we use this indicator? Please explain. Thanks!!!

[Apprentice]

Now I'm speculating.

Depending on the type of strategy that you are using.
You can enter the position when the breakout occurs below / above the line support / resistance.
That is to enter the position when the line of support / resistance is confirmation.

Breakout Confirmation may be increased volume,
ie, reduction of volume, as we approach the lines, it can be a sign of their confirmation, power.

[panzer41]

and the default time frames for start and end time of box are made based of which market? could you explain it little more

[joyfreecn]

How it's works? could you supply more details?
THX a lot!