This indicator plots a higher-timeframe MACD breakout setup on the price chart and combines it with linear regression channels. It marks support and resistance zones from MACD histogram sensitivity, then filters them with the MACD zero line, a linear regressio
Indicator · Pine Script v6 · On the chart
Fake Breakout / Breakdown Setup
The Fake Breakout / Breakdown Setup indicator identifies false breakouts (FBO) and false breakdowns (FBD) by tracking liquidity sweeps of previous price highs and lows.
GitHub stars2on the repository
Pine versionv6current
Lines of code105
Settings14inputs
LicenceNone stated
Last update8 weeks ago2 Sep 2026
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
Fake Breakout / Breakdown Setup validates reversals using follow-up price action and a confirmation scoring system based on Bollinger Bands, RSI, MACD, Stochastic, DMI, Volume, and Heikin Ashi calculations. When the minimum confirmation threshold is met, it marks potential entry signals, stop-loss levels, and target levels directly on the price chart. Users can adjust level lookback periods, indicator lengths, confirmation scores, and visual overlays.
- Fake breakout and breakdown detection
- Multi-indicator confirmation score
- Bollinger Bands and previous high/low levels
- Dynamic stop-loss and target levels
Details
Published by
newsfriend on GitHub
Type
Indicator, Pine Script v6
Draws
On the price chart
Category
Breakout, Oscillators & momentum, Support & resistance, Volatility & bands
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Previous high/low lookback | int | 20 | levelLookback |
| Confirm on candle close | bool | true | confirmOnClose |
| Minimum confirmation score | int | 3 | minConfirmations |
| Require Wave Bollinger Band touch | bool | true | requireBandTouch |
| BB length | int | 20 | bbLength |
| BB deviation | float | 2.0 | bbMult |
| RSI length | int | 14 | rsiLength |
| Stochastic length | int | 14 | stochLength |
| DMI length | int | 14 | dmiLength |
| Volume average | int | 20 | volumeLength |
| Major S/R target lookback | int | 80 | targetLookback |
| Show Bollinger Bands | bool | true | showBands |
Show all 14 settings
| Setting | Type | Default | Variable |
|---|---|---|---|
| Show previous high/low | bool | true | showLevels |
| Show latest stop and target | bool | true | showRisk |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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