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TradeBreakOut

TradeBreakOut

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Real author:

Andriy Moraru

The TradeBreakOut indicator reveals distance from the actual price (Close or Maximum/Minimum prices) up to the breakthrough of recently set support or resistance levels which were defined using local maximums and minimums.

Input Parameters:

  • L (default = 50) — indicator period. The higher the value is the less breakouts are signaled but the better their quality.
  • PriceType (default = 1) — the type of the price used in the calculation. Theoretically, the closing price is more suitable for daily/weekly periods. High/Low is more suitable for short-term periods. (0 — Close Price, 1 — High/Low).

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