First 15-Min Candle Detector [With Breakout Alerts]

há 3 dias

Indicator: First 15-Minute Candle Detector

Purpose
This indicator helps traders by identifying and marking the high, low, and mid-point of the first 15-minute candle of the market session. It also provides visual aids and alerts for price breakouts above or below these levels, making it ideal for intraday trading strategies.

This script is suitable for traders focusing on early session momentum or reversal strategies.

Key Features

1. Market Start Customization: Configure the market start time (hour and minute) to align with your trading session or exchange timezone.
   
2. Visual Aids:Horizontal lines to mark the High, Low, and Mid-point of the first 15-minute candle.
   Background highlighting to identify the first 15-minute candle.
   Configurable colors and line widths for clear visuals.
   
3. Breakout Alerts:Real-time alerts for breakouts above the high or below the low of the first 15-minute candle.
   Customizable alert messages.
   Alerts configured using alertcondition.
   
4. Dynamic Adjustments:
   • Adapts dynamically to timeframes of 15 minutes or lower.
     
   • Resets and recalculates at the start of each new session.
     

Inputs and Configurations

1. Market Settings:Market Start Hour: Default is 9.
   Market Start Minute: Default is 30.
   
2. Visual Settings:Enable/disable background highlighting.
   Set colors for the background, high line, low line, and mid-line.
   Adjust line width (1 to 5).
   Toggle the visibility of the mid-line.
   
3. Alert Settings:
   • Enable breakout alerts.
     
   • Set custom alert messages for high and low breakouts.
     

How It Works

Pine Script®

Conditions and Alerts

1. Breakout Conditions:High Breakout: The closing price exceeds the high of the first 15-minute candle.
   Low Breakout: The closing price falls below the low of the first 15-minute candle.
   
2. Alert Triggers: Configurable alerts notify you of breakouts in real-time.
   

Use Cases

• Intraday Traders: Ideal for early-session momentum or reversal strategies.
  
• Breakout Traders: Helps identify entry points when price breaks key levels.
  
• Visual Clarity: Simplifies tracking important session levels.
  

Limitations

• Works only on 15-minute or lower timeframes.
  
• Requires accurate market start time configuration.