Breakout Scanner
For Tradingview
PREMIUM INDICATOR
This is a Breakout Scanner indicator for Tradingview that shows you the immediate trend across 4 higher time frames for up to 10 different tickers. Keep the timeframes set to higher time frames than your chart so you can trade in the direction of the overall trend.
It shows the strength of each timeframe by showing a red or green color and score between 3 and -3 based on where price is at compared to the last higher timeframe candle. The brighter red or green the color is, the stronger the trend is on that timeframe. When it shows a bright green or red box on the far right side of a ticker, it is notifying you that the ticker is bullish or bearish on all timeframes and trending strongly, so switch over to that chart and look to trade in the direction of that trend.
The tickers, colors and time frames can be customized to suit your preference and you can also turn off as many tickers or time frames as you’d like if you want less tickers or time frames to show up on the indicator. It also includes alerts for when all timeframes are bullish or all timeframes are bearish for one ticker.
Bullish Scoring & Colors
If the current candle close is above the midline of the higher time frame candle, it is given a score of 1 and a dark green background. If the current candle close is above the higher timeframe candle body, then it is given a score of 2 and a medium green background. If the current candle close is above the high of the higher time frame candle, it is given a score of 3 and a bright green background.
Bearish Scoring & Colors
If the current candle close is below the midline of the higher timeframe candle, it is given a score of -1 and a dark red background. If the current candle close is below the higher timeframe candle body, then it is given a score of -2 and a medium red background. If the current candle close is below the low of the higher timeframe candle, it is given a score of -3 and a bright red background.
Total Score Display
On the right side of the indicator table, there is a column that displays the total score by adding all the scores together so you can easily tell the overall strength of the trend across all timeframes. Wait for the trend score to be at least 75% of the possible score to trade so you can ensure you are only trading very strong trends and increase your probability of winning your trade. The total score will update according to how many time frames you have enabled in the settings.
Alerts
You can set alerts for when all time frames for a certain ticker are bullish or bearish. If you have some time frames turned off at the time of creating your alerts, then it will only require all time frames that are on to be all bullish or bearish to generate an alert. Make sure to set your alerts to once per bar close to ensure you don’t get premature alerts that aren’t yet valid.
Best Way To Use The Indicator
For best results, make sure you wait for the trend to show all bullish or all bearish at the same time. If you can be patient enough to do that, you will increase the probability of winning your trade because you are trading with the direction of the overall trend.
The best way to use this scanner is to only trade the tickers that have an extra green or red pane on the far right, which means that all of the time frames are bullish or bearish. This is there to help notify you when the trend has changed and that it is strong so you should take a look at that chart and look for a good entry in the direction of the trend.
Other Indicators To Pair This With
Use this in combination with our Support and Resistance indicator and our Trend Strength indicator so you can visualize all of these levels and get a good idea of what is going on with each chart very quickly.