Support & Resistance With Breakout & Retest
Apr 30, 2023
The Support & Resistance With Breakout & Retest indicator identifies and confirms price breakouts from user-defined support and resistance levels to provide clear entry signals upon retests.
Usage
The tool is used to monitor specific price levels for potential trend changes or continuations. A bearish breakout is confirmed when a candle closes below a specified support line and the subsequent candle stays below that level without touching it. Conversely, a bullish breakout is confirmed when a candle closes above a resistance line and the following candle remains above it.
When a breakout is confirmed, the horizontal line changes color (typically red for short and green for long). The line reverts to its original color once the price retests the level (e.g., the high of a bar crosses back above a broken support line or the low crosses back below a broken resistance line), signaling that the breakout phase has concluded or a retest has occurred.
Details
The script evaluates price action relative to manually inputted price values. It uses a specific confirmation logic:
- Breakout Confirmation: It looks back two bars for a cross and checks the immediate preceding bar to ensure the price hasn't immediately retracted, reducing the impact of "fakeouts."
- Color State Management: The indicator maintains the state of each line individually, allowing users to track multiple levels across different price tiers simultaneously.
- Alerting System: Integrated alerts notify users of bullish breakouts, bearish breakouts, or whenever a level is retested, allowing for passive monitoring of key levels.
Settings
- Width: Sets the thickness of the horizontal lines plotted on the chart.
- Date Input: A string input for tracking specific dates or ticker-related notes.
- A+/B+/C+ Groups: These groups contain 12 customizable price levels.
- Color Input: Sets the base color for the specific support/resistance line.
- Price Value: The specific price level where the horizontal line and breakout logic will be applied. Setting a value to 0 disables that line.
FAQ
How do I use the Support & Resistance With Breakout & Retest?
Input your desired support and resistance levels in the settings menu. The indicator will plot these levels and change their colors automatically when a breakout is confirmed based on the script's price action rules.
Can I set multiple levels?
Yes, the indicator supports up to 12 individual price levels grouped into categories (A+, B+, and C+) to help you organize your chart based on different timeframes or importance.
How can I access this tool?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
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