Candle is considered breakout upon two conditions:
1. Volume is higher than volume ema. Input allows you to add markup so that you can check if volume > 10% more than EMA 2. Change from previous close or distance between open and close is greater than ATR Multiplier * ATR.
Breakout color is based on whether the value of previous close is higher or lower than present close.
I would love to have wick and border color changed too. But, looks like not possible :(
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Updated code to ignore volume if not available.
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Updates:
Added separate length input for Volume EMA and ATR
Added Target markers which can be used for stop orders or stop loss.
Target Markup can be adjusted based on market conditions to widen stops.
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Updates:
Add different calculations for UpTarget and DownTarget based on trend. (Supertrend is used for calculating trend)
Added option to display as channel instead of target points
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Updates
Added display options : Targets, Target Channel, Target with Stops, Up Channel, Down Channel
Targets is regular target markers based on Candle Breakouts
Target Channel is also existing feature where it shows Up Target and Down Target as channel
Target with Stops calculate Stop value based on ATR multiplied by stopMultFactor. This can be used as initial stop loss while placing Stop pending order.
Up Channel is channel made up of Up Target and respective stops
Down Channel is channel made up of Down Target and respective stops
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Simplifying script to make it easily understandable - removing clutters
@dAyWeeDz, This one is basic concept. Whereas V2 is more refined. V2 takes into consideration of general trend bias and applies different parameters to identify breakouts. Plus you can also display channels based on breakouts.
dAyWeeDz
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@HeWhoMustNotBeNamed, Aha okey so you would prefer to use v2 vs this one? Love the script btw , amazing work