BEST Long Term Levels Breakout Screener
Dec 6, 2019
The BEST Long Term Levels Breakout Screener indicator identifies and tracks price breakouts across multiple timeframes, including weekly, monthly, quarterly, and yearly highs and lows for multiple assets simultaneously.
Usage
The BEST Long Term Levels Breakout Screener serves as a multi-symbol dashboard to monitor institutional and long-term price levels. It tracks breakouts based on candle closes to filter out market noise and potential fake breakouts.
The screener uses specific shapes to represent different timeframe breakouts:
- Square: Breakout of a weekly high/low level.
- Circle: Breakout of a monthly high/low level.
- Diamond: Breakout of a quarterly high/low level.
- Flag: Breakout of a yearly high/low level.
- Dash: No significant breakout detected for the current period.
Color coding provides immediate directional bias:
- Green: Bullish breakout (price closed above the high).
- Red: Bearish breakout (price closed below the low).
- Neutral/Blue: No breakout occurring.
Users can add multiple instances of this indicator to the chart to screen more than three assets at once.
Details
This tool is built upon the concept of significant "Long Term Levels" popularized by analysts like @scarff. It focuses on the importance of periodic highs and lows as key support and resistance zones. By analyzing these levels on a closed-candle basis, the script ensures that signals are confirmed by the market's final settlement for that period, reducing the impact of intraday volatility or "repainting" issues common in lower-timeframe breakout trading.
Settings
- Show previous Long Term Levels period: When enabled, the script calculates breakouts based on the previous period's levels (e.g., previous year's high) instead of the current developing period.
- Symbol Inputs: Allows the user to specify three different ticker symbols (e.g., BTCUSD, ETHUSD) to monitor within the screener dashboard.
FAQ
How do I access BEST Long Term Levels Breakout Screener?
You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.
Why does the indicator show a dash instead of a shape?
A dash indicates that the price is currently trading within the range of the established long-term levels and has not triggered a breakout on any of the monitored timeframes.
Can I monitor more than three symbols?
Yes, you can monitor additional symbols by adding multiple instances of the BEST Long Term Levels Breakout Screener to your chart and configuring each instance with different tickers.
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