The "Smart Money Breakouts" indicator is designed to identify breakouts based on changes in character (CHOCH) or breaks of structure (BOS) patterns, facilitating automated trading with user-defined Take Profit (TP) level.
the indicator incorporates essential elements such as volume analysis and a data table to assist traders in optimizing their strategies.
🔸Breakout Detection: The indicator scans price movements for "Change in Character" (CHOCH) and "Break of Structure" (BOS) patterns, signaling potential breakout opportunities in the market.
🔸User-Defined TP : Traders can customize the Take Profit (TP) through the indicator settings, with these levels dynamically calculated based on the Average True Range (ATR). This allows for precise risk management and profit targets that adapt to market volatility.
🔸Volume Analysis and Trade Direction Specific Analysis: The indicator includes a volume checker that provides valuable insights into the strength of the breakout, taking into account trade direction.
🔸If the volume label is red and the trade is long, it suggests a higher likelihood of hitting the Stop Loss (SL). 🔸If the volume label is green and the trade is long, it indicates a higher probability of hitting the Take Profit (TP). 🔸For short trades, a red volume label suggests a higher likelihood of hitting TP, while a green label suggests a higher likelihood of hitting SL. 🔸A yellow volume label suggests that the volume is inconclusive, neither favoring bullish nor bearish movements.
🔸Data Table: The indicator features a data table that keeps track of the number of winning and losing trades for specific timeframes or configurations. This table serves as a valuable tool for traders to analyze performance and discover optimal settings and timeframes.
The "Smart Money Breakouts" indicator provides traders with a comprehensive solution for breakout trading, combining technical analysis of changes in character and breaks of structure, volume insights, and performance tracking while dynamically adjusting TP and SL levels based on market volatility through the ATR.
I love the functionality and aesthetics but most of all I love the strategy. One thing I would like to see is the ability to see the SL plotted as well, with the option to turn it on and off per user preference. Is that something you are willing to add in a potential future update? I would really appreciate it as much as I already appreciate the work as is.
ChartPrime
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@raincolle, thank you rain! We will see what we can do :D
It's a fine indicator. All I need are some alerts for buying and selling. Is that doable?
jensencrypto
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It would be cool if one could choose to filter out bad trades. ETC: Show only good, show only good and not bad. Also it would be cool if long/short entry, tp, sl could be added to the data window, that way it's easy to backtest using other indicators. eg, long ? 1 : short ? -1 : long_tp ? 2 : short_tp ? -2 : long_sl ? 3 : short_sl ? -3 : 0
reasonableOwl43858
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awesome indicator, thank you! I'm trying to set up an alert for it, can't figure it out maybe you can give some instruction