Trendline Breakouts With Targets Strategy draws pivot-based trendlines on the price chart and trades breakouts, using an ATR-based stop loss by default and a take profit set as a multiple of the stop distance, 1.5 by default. Settings choose the pivot period, wick or body source, ATR length and multiplier, and display options including a status table. Position size is ten percent of equity.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Pivot period
int
10
Pivot period
Source
string
Wicks
Source
Line extension
string
25
Line extension
Risk-to-Reward Ratio
float
1.5
Risk-to-Reward Ratio
Use ATR for Stop Loss
bool
true
Use ATR for Stop Loss
ATR Length
int
14
ATR Length
ATR Multiplier
float
2.0
ATR Multiplier
Show TP / SL visuals
bool
true
Show TP / SL visuals
Show status table
bool
true
Show status table
Draw trendlines only in visible range
bool
false
Draw trendlines only in visible range
Bull / long accent
color
color.new(#26FFD1, 0)
Bull / long accent
Bear / short accent
color
color.new(#FF4D8D, 0)
Bear / short accent
Show all 15 settings
Setting
Type
Default
Variable
Channel fill
color
color.new(#8B9CFF, 82)
Channel fill
Channel rail (ghost)
color
color.new(#1A1F35, 70)
Channel rail (ghost)
Signal marker size
string
Small
Signal marker size
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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