Breakout off Consolidation

שלשום

Breakout detection indicator that identifies high-probability trading opportunities when price breaks out of tight consolidation patterns.

The script combines volume analysis, price action, and momentum to filter out low-quality setups.

The optional performance table tracks breakout outcomes based on MACD crossovers to provide a rough estimate of setup quality for the specific instrument. While past performance doesn't guarantee future results, these setups aim to provide favorable risk/reward opportunities when properly selected.

Key features:

• Smart consolidation detection that differentiates between tight, okay, and loose consolidation patterns
  
• Volume-based confirmation using multiple metrics including volume multiples and volume spikes
  
• Special "Golden Candle" breakouts (🥇) highlighting exceptional setups with ideal volume and price characteristics (from deep backtests)
  
• Risk management features with automatic stop loss placement based on consolidation structure
  
• Momentum Confirmation
  

The weekly time-frame typically provides the highest quality setups due to stronger institutional volume patterns and clearer consolidation structures.

This indicator can be used with Pine Script™ Screener to scan for breakout opportunities across your watchlists.