Breakout Scanner

The Breakout Scanner indicator provides a multi-timeframe dashboard designed to track immediate trend strength across up to 10 customizable tickers. It evaluates price position relative to previous candle ranges on four higher timeframes, assigning a dynamic score to quantify the intensity of bullish or bearish breakouts.

Usage

The indicator visualizes market trends through a color-coded table. A score of +3 (bright green) indicates price is breaking above the previous higher timeframe (HTF) high, while a score of -3 (bright red) indicates a breakdown below the HTF low. Users should look for "confluence" boxes on the far right of the table, which appear when all enabled timeframes align in the same direction.

Examples:

• Trend Following: Identify tickers where the "Total Score" is at least 75% of the maximum possible value to ensure you are entering high-probability momentum trades.
• Scalping/Day Trading: Use the scanner to find tickers that have just flipped to a +3 or -3 score on the immediate higher timeframe to catch the start of a volatility expansion.
• Filtering: Disable specific tickers or timeframes to focus only on markets relevant to your current strategy.

Details

The script calculates scores based on two selectable modes. In the "OHLC + Midline" mode, it analyzes whether price is above/below the midline, the candle body, or the candle wicks of the previous HTF period. This creates a granular gradient (1 to 3) of trend strength. Alternatively, the "Above/Below Midline" mode provides a simplified binary output (+3 or -3) based strictly on the midline cross. The logic is designed to be paired with HTF candle level indicators to visualize the specific price thresholds being tested.

Settings

• Trend Mode: Choose between detailed scoring (OHLC + Midline) or simplified binary scoring (Above/Below Midline).
• Timeframe Selection: Enable up to 4 higher timeframes and set their specific periods (e.g., 1H, 4H, 1D, 1W).
• Ticker Configuration: Input up to 10 different symbols to monitor simultaneously.
• Total Combined Score: Toggle the display of the cumulative score across all active timeframes.
• Scanner Table Styling: Customize colors for weak, medium, and strong trends, as well as text size and table position.

FAQ

How do I interpret the total score? The total score sums the values across all enabled timeframes. A high positive score suggests strong aggregate bullish momentum, while a low negative score suggests strong bearish momentum.

Why are some boxes brighter than others? Brightness corresponds to the scoring logic; the most aggressive breakouts (price beyond the previous high/low) are shown in the brightest colors, while price near the midline is shown in darker shades.

How can I access this indicator? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.