Trendline Breakouts With Targets New

Explanation:
Trendline Calculation:

The script calculates the highest high and the lowest low over a specific number of bars (line_length), which is used to draw the trendlines.
The trendline is drawn using the highest high and lowest low within the lookback period.
Breakout Targets:

The breakout target for an upward move is calculated as the highest high plus the price range multiplied by a target multiplier (target_multiplier).
The breakout target for a downward move is calculated as the lowest low minus the same price range multiplied by the target multiplier.
Plotting:

The trendlines (horizontal lines) for the highest high and the lowest low are drawn using line.new().
The breakout target levels are plotted as green (upward) and red (downward) lines.
Background Coloring:

The background turns green when the price exceeds the upward breakout target.
The background turns red when the price falls below the downward breakout target.
Signals and Alerts:

Breakout Up Signal: A green label appears below the bar when the price breaks above the upward breakout target.
Breakout Down Signal: A red label appears above the bar when the price breaks below the downward breakout target.
Alerts are triggered when price breaks above or below the breakout targets.
How to Use:
Copy the script into TradingView's Pine Editor.
Save and add it to your chart.
You will see horizontal trendlines drawn based on the highest high and lowest low over the lookback period.
The script will also show breakout target levels and trigger buy/sell signals once the breakout targets are reached.
Set up alerts for breakout events to notify you when the price crosses the breakout levels.
Customization:
line_length: Adjust the number of bars used for calculating the trendline.
target_multiplier: Adjust the target multiplier for the breakout targets. This defines how far from the trendline the target is calculated.
Let me know if you need any further modifications or have any questions!