Consolidation Zone (LonesomeTheBlue) / Owl of Profit remake

Consolidation Zones - Live [Strategy] (LonesomeTheBlue)

This strategy, created by LonesomeTheBlue, identifies consolidation zones on the chart and detects potential breakout opportunities. It uses pivots and price ranges to define areas of consolidation and generates alerts when price breaks above or below these zones.

Special thanks to LonesomeTheBlue for the inspiration!

License:
This code is licensed under the Mozilla Public License 2.0
More details at: mozilla.org/MPL/2.0/

Features:

Consolidation Zone Detection:

Identifies areas of price consolidation based on pivot highs and lows.
Dynamically updates consolidation zones with upper and lower boundaries.
Breakout Alerts:

Detects breakouts when the price moves outside the consolidation zone.
Alerts for both Breakout Up and Breakout Down scenarios.
Customization Options:

Adjust the Loopback Period for pivot detection.
Define the minimum number of candles for consolidation.
Enable/disable zone shading with customizable colors.
Entry Conditions:

Long: Triggered when price breaks above the consolidation zone.
Short: Triggered when price breaks below the consolidation zone.
Visualization:

Upper and lower zone boundaries plotted with dashed lines.
Optional zone fill for easier identification of consolidation areas.
This strategy is designed for educational and testing purposes. Use it as a foundation for backtesting and adapting to your trading style.

Visit my website for more tools and strategies: bybitindicators.com

Happy trading!