BreakOut/Breakout search Indicator

This indicator indicates on the graph, an event Breakout in green color.
In red, a BreakDown.

The basic indicator is the index force coupled with the Bollinger Band to identify a statistical anomaly on the closing price caused by volumes.
If the upper band of the bollinger bands is exceeded by the forceindex, it’s mean a BreakOut.
A BreakDown when the lower band of bollinger is exceeded.

// Name : BreakSearch indicator
// author : patmaba
// date : 2017/dec/05
// 
// Purpose
// -------
// This indicator indicates on the graph, an event Breakout in green color. 
// In red, a BreakDown.
//
// Parameter
// ---------
// It uses a parameter p to determine the period. by default it is set to 10.
//
// Description
// -----------
// The basic indicator is the index force coupled with the Bollinger Band to identify a statistical anomaly on the closing price caused by volumes.
// If the upper band of the bollinger bands is exceeded by the forceindex, it's mean a BreakOut. A BreakDown when the lower band of bollinger is exceeded.


fi=ForceIndex(close)
bu=BollingerUp[p](fi)
bd=BollingerDown[p](fi)

breakValue=0

// color variable
redColorValue=0
greenColorValue=0

// Check statistical anomaly(BollingerBands) on price by volume(ForceIndex)
if fi >= bu then // here the BreakOut
 breakValue=1
 greenColorValue=255
elsif fi <= bd then // here the BreakDown
 breakValue=-1
 redColorValue=255
endif

return breakValue coloured(redColorValue,greenColorValue,0) style(histogram) as "BreakOut/Down"

// Name : BreakSearch indicator

// author : patmaba

// date : 2017/dec/05

// Purpose

// -------

// This indicator indicates on the graph, an event Breakout in green color.

// In red, a BreakDown.

// Parameter

// ---------

// It uses a parameter p to determine the period. by default it is set to 10.

// Description

// -----------

// The basic indicator is the index force coupled with the Bollinger Band to identify a statistical anomaly on the closing price caused by volumes.

// If the upper band of the bollinger bands is exceeded by the forceindex, it's mean a BreakOut. A BreakDown when the lower band of bollinger is exceeded.

fi=ForceIndex(close)

bu=BollingerUp[p](fi)

bd=BollingerDown[p](fi)

breakValue=0

// color variable

redColorValue=0

greenColorValue=0

// Check statistical anomaly(BollingerBands) on price by volume(ForceIndex)

if fi >= bu then // here the BreakOut

breakValue=1

greenColorValue=255

elsif fi <= bd then // here the BreakDown

breakValue=-1

redColorValue=255

endif

return breakValue coloured(redColorValue,greenColorValue,0) style(histogram) as "BreakOut/Down"

bollinger bollinger bands breakout

Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

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