OPEN-SOURCE SCRIPT

Breakouts with Tests & Retests [LuxAlgo]

The Breakouts Tests & Retests indicator highlights tests and retests of levels constructed from detected swing points. A swing area of interest switches colors when a breakout occurs.

Users can control the sensitivity of the swing point detection and the width of the swing areas.

🔶 USAGE

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When a Swing point is detected, an area of interest is drawn, colored green for a bullish swing and red when bearish.

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A test is confirmed when the opening price is situated in the area of interest, and the closing price is above or below the area, depending on whether it is a bullish or bearish swing. Tests are highlighted with a solid-colored triangle.

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A breakout is confirmed when the price closes in the opposite position, below or above the area, in which case the area will switch colors.

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If the opening price is located within the area and the closing price closes outside the area, in the same direction as the breakout, this is considered a retest. Retests are highlighted with a hollow-colored triangle.

Note that tests/retests do not act on wicks. The main factor is that the opening price is in the area of interest, while the closing price is outside.

🔹 Area Of Interest Width

The user can adjust the width of the swing areas. Changing the "Width" is a fast and easy way to find different areas of interest.

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A higher "Multiple" setting would return a wider area, allowing price to develop within it for a longer period of time and potentially provide later test signals.

When a swing area is broken, a higher "Width" setting can make it more complicated for the price to break it again, allowing a swing area to remain valid for a longer period of time thus potentially providing more retest signals.

🔶 DETAILS

Generally, only one bullish/bearish pattern can be active at a time. This means that no more than 1 bullish or bearish area will be active.

The "Display" settings, however, can help control how areas of different types are displayed.

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  • Bullish AND Bearish: Both, bullish and bearish patterns can be drawn at the same time
  • Bullish OR Bearish: Only 1 bullish or 1 bearish pattern is drawn at a time
  • Bullish: Only bullish patterns
  • Bearish: Only bearish patterns


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🔹 Test/Retest Labels

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The user can adjust the settings so only the latest test/retest label is shown or set a minimum number of bars until the next test/retest can be drawn.

🔹 Maximum Bars

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Users can set a limit of bars for when there is no test/retest in that period; the area of interest won't be updated anymore and will be available and ready for the next Swing.

An option for pulling the area back to the last retest is included.

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🔶 SETTINGS

  • Display: Determines which swing areas are displayed by the indicator. See the "DETAILS" section for more information
  • Multiple: Adjusts the width of the areas of interest
  • Maximum Bars: Limit of bars for when there is no test/retest
  • Display Test/Retest Labels: Show all labels or just the last test/retest label associated with a swing area
  • Minimum Bars: Minimum bars required for a subsequent test/retest label are allowed to be displayed
  • Set Back To Last Retest: When after "Maximum Bars" no test/retest is found, place the right side of the area at the last test/retest


🔹 Swings

  • Left: x amount of wicks on the left of a potential Swing need to be higher/lower for a Swing to be confirmed.
  • Right: The number of wicks on the right of a potential swing needs to be higher/lower for a Swing to be confirmed.


🔹 Style

  • Bullish: color for test period (before a breakout) / retest period (after a breakout)
  • Bearish: color for test period (before a breakout) / retest period (after a breakout)
  • Label Size
breakoutluxalgoretestsignalssupportSupport and Resistancesupportandresistancezonesswingtest

Script open-source

Dans le plus pur esprit TradingView, l'auteur de ce script l'a publié en open-source, afin que les traders puissent le comprendre et le vérifier. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais la réutilisation de ce code dans une publication est régie par nos Règles. Vous pouvez le mettre en favori pour l'utiliser sur un graphique.

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