OPEN-SOURCE SCRIPT
Custom % Breakout Highlight
The "Custom % Breakout Highlight" indicator in Pine Script is designed to visually identify candles that experience a significant percentage price change relative to a user-defined threshold. The primary goal of this indicator is to highlight candles that surpass a specified percentage breakout level, signaling potential price movements or shifts in market dynamics.
Parameters:
Percentage Breakout: Users can input a desired percentage value to define the threshold for identifying breakout candles. This parameter allows customization based on the trader's preference or the specific characteristics of the instrument being analyzed.
How it works:
The script calculates the percentage change in the closing price of each candle compared to the closing price of the previous candle.
It then checks whether the absolute value of this percentage change exceeds the user-defined percentage breakout threshold.
If the condition is met, the script highlights the corresponding candles by displaying a blue background in a new pane at the low of the breakout candle.
Interpretation:
Highlighted Candles: Candles with a background color indicate instances where the price change exceeds the defined percentage breakout level. Traders may interpret these highlighted candles as potential breakout or significant price movement signals.
Usage:
Traders and analysts can use this indicator to identify candles with notable price changes, helping them focus on potential breakout events or shifts in market sentiment.
By adjusting the "Percentage Breakout" parameter, users can customize the sensitivity of the indicator to match the volatility characteristics of different assets or trading preferences.
Note:
The indicator is designed for use on various timeframes and can be applied to different financial instruments.
It is important to consider other technical and fundamental analysis tools in conjunction with this indicator for comprehensive decision-making.
This indicator serves as a visual aid for traders seeking to highlight candles with significant percentage price movements, offering a customizable tool for breakout identification in financial markets.
Parameters:
Percentage Breakout: Users can input a desired percentage value to define the threshold for identifying breakout candles. This parameter allows customization based on the trader's preference or the specific characteristics of the instrument being analyzed.
How it works:
The script calculates the percentage change in the closing price of each candle compared to the closing price of the previous candle.
It then checks whether the absolute value of this percentage change exceeds the user-defined percentage breakout threshold.
If the condition is met, the script highlights the corresponding candles by displaying a blue background in a new pane at the low of the breakout candle.
Interpretation:
Highlighted Candles: Candles with a background color indicate instances where the price change exceeds the defined percentage breakout level. Traders may interpret these highlighted candles as potential breakout or significant price movement signals.
Usage:
Traders and analysts can use this indicator to identify candles with notable price changes, helping them focus on potential breakout events or shifts in market sentiment.
By adjusting the "Percentage Breakout" parameter, users can customize the sensitivity of the indicator to match the volatility characteristics of different assets or trading preferences.
Note:
The indicator is designed for use on various timeframes and can be applied to different financial instruments.
It is important to consider other technical and fundamental analysis tools in conjunction with this indicator for comprehensive decision-making.
This indicator serves as a visual aid for traders seeking to highlight candles with significant percentage price movements, offering a customizable tool for breakout identification in financial markets.
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