Breakout indicator

This indicator helps traders identify potential breakout levels based on the highest high and lowest low of the last N candles, inspired by the classic Turtle Trading strategy. The period (N) is fully customizable, allowing you to adapt it to your trading style. For daily charts, a period between 50 and 100 is recommended.

The indicator dynamically plots horizontal lines representing the highest high and lowest low over the selected period. These lines are updated in real-time as price action evolves. A breakout is confirmed when the price closes above the high line (for a bullish breakout) or below the low line (for a bearish breakout).

Customize the appearance of the lines with options for thickness, color, and style (solid, dotted, or dashed) to suit your chart preferences. Perfect for traders looking to implement a simple yet effective breakout strategy!

Key Features:

Editable period (N) for high/low calculation.

Real-time updates of high/low levels.

Customizable line thickness, color, and style.


Usage:

Use on daily charts for swing trading or position trading.

Combine with other indicators or price action analysis for better confirmation.