The Fake Breakout / Breakdown Setup indicator identifies false breakouts (FBO) and false breakdowns (FBD) by tracking liquidity sweeps of previous price highs and lows. It validates reversals using follow-up price action and a confirmation scoring system based
Indicator · Pine Script v4 · Own pane
MACD Breakout
This indicator plots a higher-timeframe MACD breakout setup on the price chart and combines it with linear regression channels.
GitHub stars5on the repository
Pine versionv4older, still runs
Lines of code728
Settings30inputs
LicenceNone stated
Last update2 years ago12 May 2024
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
MACD Breakout marks support and resistance zones from MACD histogram sensitivity, then filters them with the MACD zero line, a linear regression filter, and optional zone invalidation. Channel length, deviation, and a second timeframe set the regression bands. ATR multiplier and reward-risk inputs place stop and target levels, with an optional reverse-entry mode. It is a study, so it does not place orders.
- Higher-timeframe MACD with SMA or EMA
- Linear regression channels on two lengths
- MACD zero-line and regression filters
- ATR stop and reward-risk target levels
- Optional reverse entries and zone invalidation
Details
Published by
jerryinyang on GitHub
Type
Indicator, Pine Script v4
Draws
Separate pane below the chart
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 |
|---|---|---|---|
| MACD TimeFrame | string | 120 | i_htfRes |
| Macd Settings | string | 8, 17 | mset |
| MACD signal Line | int | 9 | siglen |
| MACD Moving Average Type | string | SMA | maType |
| MACD Sensitivity | int | 5 | histSens |
| Use Filter | bool | false | useFilt |
| Use Macd Zero Line Filter | bool | true | useMacdFilt |
| Use Linear Regression Filter? | bool | true | useLinRegFilt |
| Zone Invalidation? | bool | false | entryInval |
| MF Overbought | int | 70 | mfOb |
| MF Oversold | int | 30 | mfOs |
| Source | source | close | linreg_src |
Show all 30 settings
| Setting | Type | Default | Variable |
|---|---|---|---|
| Deviation 1 | float | 1.0 | dev1Len |
| Deviation 1 | float | 2.0 | dev2Len |
| Deviation 1 | float | 3.0 | dev3Len |
| Extend Lines? | bool | true | extendit |
| Show Broken Channel | bool | false | showbroken |
| Up Color | color | color.lime | upcol |
| Down Color | color | color.red | dncol |
| Line Width | int | 2 | widt |
| Channel 1 Length | int | 100 | chann1Len |
| Channel 2 Length | int | 50 | i_chann2Len |
| Channel 2 Timeframe | string | 240 | chann2Res |
| Deviation as Basis | int | 2 | useDev |
| Zone for Reversal | int | 2 | revZone |
| ATR Multiplier | float | 1 | slAtrMult |
| Reward-Risk Ratio | float | 1.5 | tpRRR |
| Take Reverse Entries? | bool | false | useRev |
| Reward-Risk Ratio For Reverse Positions | float | 1 | revRRR |
| Add ATR Buffer for Reverse Positions? | bool | true | useRevAtr |
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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