BREAKOUT DETECTOR

This is the first version of the Breakout Detector script I am working on. Purple ticks indicate a potential breakout. As you can see on this section of the Bitcoin chart, it pinpointed the exact breakout on many instances, even the notorious Bart Simpson pattern was caught, literally one candle before the break-up of the pattern. This indicator does NOT repaint, its just very solid mathematics. Ongoing project. Not open publishing yet, but will allow testers on an ad hoc basis.

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More complete version and some minor refinements. Breakout detections are formed when the blue signal line deviates from its moving average; the higher the deviation the greater the chance of a breakout. Purple highlights help to detect breakout regions.

Feel free to make your own readings from the indicator as even I am discovering all it can do. This is uncharted territory.

IMPORTANT: Threshold highlight settings must be tweaked for every asset to give better results.

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Minor update to code

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Update with alert function, just have "Breakout" selected and it will alert you whenever a breakout region (purple) is formed.