Price Action [False Break+BreakOut]

This indicator is designed to analyze Price Action with a focus on identifying Pivot Points and detecting Breakout and False Break signals.

Key Features:

Pivot Point Detection

Identifies Pivot High and Pivot Low points

Classifies Pivot Points into:

Higher High (HH)

Lower High (LH)

Higher Low (HL)

Lower Low (LL)

Visual Display Options

Pivot point markers (triangles)

Price values at pivot points

Support/Resistance level lines

Fractal Chaos Channel display

Average of Pivot High/Low

False Break Detection

Detects False Break signals

Customizable validation period (1-10 bars)

Option to include candle shadows in engulfing detection

Displays "FalseB!!" labels when detected

Color-coded signals (red for false break up, green for false break down)

Breakout Signals

Shows Breakout (⬆️) and Breakdown (⬇️) signals

Alert conditions for all signal types

Tracks recent breakout/breakdown levels

Main Configuration Settings:

Source data and length parameters for pivot detection

Selective display of different pivot types

Maximum bars to display

Support/Resistance level extension length

Text size customization

Technical Implementation:

Uses ta.pivothigh() and ta.pivotlow() for pivot detection

Implements bar counting for level persistence

Engulfing pattern detection for false breaks

Color-coded visual elements (teal for HH/HL, red for LH/LL)

Comprehensive alert system

Usage:
This indicator is ideal for traders using Price Action strategies, helping to identify trend reversal points, key Support/Resistance levels, and potential genuine/false breakout signals for better trade entries and exits.