Smart Breakout Targets: Free TradingView Indicator (Pine Script)

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

Smart Breakout Targets detects consolidation when Bollinger Band width and ATR are both compressed for a minimum number of bars, draws a range box with a centerline, and signals a breakout when an impulse candle leaves the range. Entry, stop and three take-profit levels are drawn from the range and risk-reward settings. Optional volume surge and higher-timeframe MA filters, a squeeze background and a dashboard are available.

Dual Bollinger and ATR squeeze detection
Range boxes with centerline
Impulse-candle breakout signals
Entry, stop and three target levels
Volume and higher-timeframe filters

Details

Published by

vedkanani123 on GitHub

Type

Indicator, Pine Script v6

Draws

On the price 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.

File

indicator/olg_7_6_26/indicator_tradingview/13.txt

Repository

github.com/vedkanani123/shakuni_trap. See its other scripts in the library

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

Setting	Type	Default	Variable
Squeeze Detection Length	`int`	`20`	`squeezeLengthInput`
BB Multiplier	`float`	`2.0`	`bbMultInput`
Squeeze Threshold	`float`	`0.6`	`squeezeThreshInput`
ATR Compression Ratio	`float`	`0.75`	`atrCompressInput`
Min Squeeze Bars	`int`	`5`	`minSqueezeInput`
Impulse Body Threshold	`float`	`0.8`	`impulseMultInput`
Prevent Overlap	`bool`	`true`	`preventOverlapInput`
Show Entry/SL/TP Levels	`bool`	`true`	`showTargetsInput`
SL ATR Buffer	`float`	`0.5`	`slBufferInput`
TP1 Risk:Reward	`float`	`1.0`	`tp1RRInput`
TP2 Risk:Reward	`float`	`2.0`	`tp2RRInput`
TP3 Risk:Reward	`float`	`3.0`	`tp3RRInput`

Show all 37 settings

Setting	Type	Default	Variable
Volume Breakout Filter	`bool`	`false`	`useVolFilterInput`
Volume Surge Multiplier	`float`	`1.5`	`volMultInput`
HTF Trend Filter	`bool`	`false`	`useHtfInput`
Higher Timeframe	`timeframe`	`D`	`htfInput`
HTF MA Length	`int`	`50`	`htfMaLenInput`
Show Range Boxes	`bool`	`true`	`showBoxesInput`
Show Breakout Signals	`bool`	`true`	`showSignalsInput`
Show Range Centerline	`bool`	`true`	`showCenterInput`
Show Squeeze Background	`bool`	`false`	`showBgInput`
Show Close Labels	`bool`	`true`	`showCloseLabelsInput`
Signal Label Size	`string`	`Small`	`signalSizeInput`
Target Label Size	`string`	`Small`	`targetSizeInput`
Close Label Size	`string`	`Small`	`closeSizeInput`
Show Watermark	`bool`	`true`	`showWatermarkInput`
Theme	`string`	`Auto`	`themeInput`
Show Dashboard	`bool`	`true`	`showDashInput`
Dashboard Position	`string`	`Top Right`	`dashPosStr`
Dashboard Font Size	`string`	`Small`	`dashFontSizeInput`
├ Market section	`bool`	`true`	`showMarketSecInput`
├ Trade section	`bool`	`true`	`showTradeSecInput`
└ Stats section	`bool`	`true`	`showStatsSecInput`
Webhook JSON Format	`bool`	`false`	`webhookInput`
Bull	`color`	`#00E676`	`bullColorInput`
Bear	`color`	`#FF5252`	`bearColorInput`
Neutral	`color`	`#FFEB3B`	`neutralColorInput`

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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