Range breakout-indicator

• 08/19/2024 at 7:58 AM #236492
  SnorreDK

  Hi. Im trying to write an indicator for this, but not getting it right.

  What we are looking for is a price consolidation that usually stays within a 10-40 point range.

  We want to see the price stay within this range for at least 5 candlesticks, where a lower timeframe (TF) would require more bars to confirm the consolidation.

  The example picture  is on a 15-minute TF for Tech100

  Next, we want to see the price break out with reasonable strength, where at least 50% of the breakout bar is outside this “box.”

  There are two different approaches for trading this:

  1. If the trend is upward, we take an entry at the bottom of the consolidation after a certain number of bars, and the opposite at the top if the trend is downward.
  2. An entry is taken as the breakout occurs, preferably when the breakout bar is outside the box, to avoid false moves.

  This pattern can also occur in larger intervals. For example, we have a range of over 100 points on NAS in a 5-minute TF.

  The main rule is that we want to see the price find clear resistance on both the upside and downside, and then break out with significant strength.

  Range-breakout

  // Parameters minBars = 5 // Minimum number of bars for consolidation maxRangePoints = 40 // Maximum range in points for consolidation minRangePoints = 10 // Minimum range in points for consolidation breakoutStrength = 0.5 // At least 50% of the breakout bar must be outside the box // Variables to store the highest and lowest prices within the consolidation range highestHigh = highest(minBars)(high) lowestLow = lowest(minBars)(low) // Check if the range is within the defined point range priceRange = highestHigh - lowestLow if priceRange <= maxRangePoints * pipsize and priceRange >= minRangePoints * pipsize then // Draw the consolidation box drawrectangle(barindex[minBars], highestHigh, barindex, lowestLow, colorRGBA(100, 100, 255, 50)) // Check for a breakout if close > highestHigh and (close - highestHigh) >= (high - low) * breakoutStrength then DRAWTEXT("▲", barindex, high, color.green) elsif close < lowestLow and (lowestLow - close) >= (high - low) * breakoutStrength then DRAWTEXT("▼", barindex, low, color.red) endif endif return close

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  // Parameters minBars = 5            // Minimum number of bars for consolidation maxRangePoints = 40    // Maximum range in points for consolidation minRangePoints = 10    // Minimum range in points for consolidation breakoutStrength = 0.5 // At least 50% of the breakout bar must be outside the box   // Variables to store the highest and lowest prices within the consolidation range highestHigh = highest(minBars)(high) lowestLow = lowest(minBars)(low)   // Check if the range is within the defined point range priceRange = highestHigh - lowestLow   if priceRange <= maxRangePoints * pipsize and priceRange >= minRangePoints * pipsize then     // Draw the consolidation box     drawrectangle(barindex[minBars], highestHigh, barindex, lowestLow, colorRGBA(100, 100, 255, 50))          // Check for a breakout     if close > highestHigh and (close - highestHigh) >= (high - low) * breakoutStrength then         DRAWTEXT("▲", barindex, high, color.green)     elsif close < lowestLow and (lowestLow - close) >= (high - low) * breakoutStrength then         DRAWTEXT("▼", barindex, low, color.red)     endif endif   return close

  

  SnorreDK

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  08/19/2024 at 9:01 AM #236498
  robertogozzi

  The are so many syntax errors befiore you can say if it works or not.

  First you have to correct them.

   

  

  robertogozzi

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  08/19/2024 at 9:27 AM #236501
  SnorreDK

  Im not that good in cooding.
  Would you help me?

  

  SnorreDK

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  08/19/2024 at 11:58 AM #236510
  Nicolas

  Here is below a modified version of your code that work “ok” for me:

  // Parameters minBars = 5 // Minimum number of bars for consolidation maxRangePoints = 40 // Maximum range in points for consolidation minRangePoints = 10 // Minimum range in points for consolidation breakoutStrength = 0.5 // At least 50% of the breakout bar must be outside the box // Variables to store the highest and lowest prices within the consolidation range highestHigh = highest[minBars](high)[1] lowestLow = lowest[minBars](low)[1] // Check if the range is within the defined point range priceRange = highestHigh - lowestLow if priceRange <= maxRangePoints * pipsize and priceRange >= minRangePoints * pipsize then // Draw the consolidation box drawrectangle(barindex[minBars], highestHigh, barindex, lowestLow) coloured(100, 100, 255,75) // Check for a breakout if close > highestHigh and (close - highestHigh) >= (high - low) * breakoutStrength then DRAWTEXT("▲", barindex, high ) coloured("green") elsif close < lowestLow and (lowestLow - close) >= (high - low) * breakoutStrength then DRAWTEXT("▼", barindex, low) coloured("red") endif endif return close

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  // Parameters minBars = 5            // Minimum number of bars for consolidation maxRangePoints = 40    // Maximum range in points for consolidation minRangePoints = 10    // Minimum range in points for consolidation breakoutStrength = 0.5 // At least 50% of the breakout bar must be outside the box   // Variables to store the highest and lowest prices within the consolidation range highestHigh = highest[minBars](high)[1] lowestLow = lowest[minBars](low)[1]   // Check if the range is within the defined point range priceRange = highestHigh - lowestLow   if priceRange <= maxRangePoints * pipsize and priceRange >= minRangePoints * pipsize then // Draw the consolidation box drawrectangle(barindex[minBars], highestHigh, barindex, lowestLow) coloured(100, 100, 255,75)      // Check for a breakout if close > highestHigh and (close - highestHigh) >= (high - low) * breakoutStrength then DRAWTEXT("▲", barindex, high ) coloured("green") elsif close < lowestLow and (lowestLow - close) >= (high - low) * breakoutStrength then DRAWTEXT("▼", barindex, low) coloured("red") endif endif   return close

   

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  Nicolas

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  08/19/2024 at 12:02 PM #236512
  robertogozzi

  Is must be a code snippet by some AI code generator, as no one could find those instruction formats in the PRT manual and the online PRC documentation.

  This is the error free code:

  // Parameters minBars = 5 // Minimum number of bars for consolidation maxRangePoints = 40 // Maximum range in points for consolidation minRangePoints = 10 // Minimum range in points for consolidation breakoutStrength = 0.5 // At least 50% of the breakout bar must be outside the box // Variables to store the highest and lowest prices within the consolidation range highestHigh = highest[minBars](high) lowestLow = lowest[minBars](low) // Check if the range is within the defined point range priceRange = highestHigh - lowestLow if priceRange <= maxRangePoints * pipsize and priceRange >= minRangePoints * pipsize then // Draw the consolidation box drawrectangle(barindex[minBars], highestHigh, barindex, lowestLow) coloured(100, 100, 255, 50) // Check for a breakout if close > highestHigh and (close - highestHigh) >= (high - low) * breakoutStrength then DRAWTEXT("▲", barindex, high) coloured("Green") elsif close < lowestLow and (lowestLow - close) >= (high - low) * breakoutStrength then DRAWTEXT("▼", barindex, low) coloured("Red") endif endif return close

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  // Parameters minBars = 5            // Minimum number of bars for consolidation maxRangePoints = 40    // Maximum range in points for consolidation minRangePoints = 10    // Minimum range in points for consolidation breakoutStrength = 0.5 // At least 50% of the breakout bar must be outside the box // Variables to store the highest and lowest prices within the consolidation range highestHigh = highest[minBars](high) lowestLow = lowest[minBars](low) // Check if the range is within the defined point range priceRange = highestHigh - lowestLow if priceRange <= maxRangePoints * pipsize and priceRange >= minRangePoints * pipsize then // Draw the consolidation box drawrectangle(barindex[minBars], highestHigh, barindex, lowestLow) coloured(100, 100, 255, 50)      // Check for a breakout if close > highestHigh and (close - highestHigh) >= (high - low) * breakoutStrength then DRAWTEXT("▲", barindex, high)  coloured("Green") elsif close < lowestLow and (lowestLow - close) >= (high - low) * breakoutStrength then DRAWTEXT("▼", barindex, low) coloured("Red") endif endif return close

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