The "Breaks and Retests with Volatility Stop [HG]" indicator is a powerful tool designed to assist traders in identifying key support and resistance levels, breakouts, retests, and potential trend reversals. This indicator combines two essential components: support and resistance detection, and a Volatility Stop indicator for improved risk management. Below are the key features of this indicator:
**Support and Resistance Detection:** - **Lookback Range:** Users can customize the lookback range, determining how many bars are considered when identifying support and resistance levels. This allows for flexibility in capturing short-term or longer-term levels. - **Bars Since Breakout:** The indicator helps traders spot retests by allowing them to specify the number of bars that should occur since a breakout before considering it a potential retest. - **Retest Detection Limiter:** Traders can set a limit on how many bars should be actively checked during a potential retest event. This feature prevents retest alerts from occurring too late, ensuring more accurate results. - **Breakouts and Retests:** Users can choose to display or hide breakout and retest events separately, tailoring the indicator to their specific trading strategy. - **Repainting Options:** The indicator offers three repainting options: "On," "Off: Candle Confirmation," and "Off: High & Low." This provides flexibility in choosing the repainting behavior that suits your trading style.
**Styling Options:** - **Outline and Extend:** Traders can customize the appearance of support and resistance boxes by selecting outline styles and extension preferences. - **Label Types and Sizes:** The indicator offers two label types, "Full" and "Simple," allowing traders to choose the level of detail displayed on the chart. Additionally, users can adjust the label size for better visibility. - **Customizable Colors:** Support and resistance levels can be color-coded to match your preferred charting style, enhancing visibility and clarity. - **Override Text Color:** If desired, traders can override the text color for labels, providing further customization of the indicator's appearance.
**Alerts and Notifications:** - The indicator generates various alerts and notifications to keep traders informed about critical market events, including: - New Support and Resistance Levels - Support and Resistance Breakouts - Support and Resistance Retests - Potential Support and Resistance Retests
**Volatility Stop Indicator:** - The "Breaks and Retests with Volatility Stop [HG]" indicator also includes a Volatility Stop component, which helps traders manage risk by indicating potential stop-loss levels based on market volatility. The Volatility Stop is color-coded to reflect the current trend direction, making it easy to identify potential trend reversals.
In summary, this TradingView indicator is a comprehensive tool designed to enhance your technical analysis and trading decisions. It provides support and resistance levels, breakout and retest alerts, and incorporates a Volatility Stop indicator for risk management, making it a valuable addition to any trader's toolkit.
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Description:
This script provides a comprehensive view of potential breakouts, retests, and dynamic support/resistance levels utilizing volatility stops and adjustable moving averages. It aims to assist traders in identifying key price action moments on charts.
Features and Benefits:
Breakout and Retest Identification: The script detects breakouts and potential retests following price movements. It provides labels and alerts to signify these crucial market events. Support and Resistance Indicators: Dynamic support and resistance levels are identified and plotted, allowing traders to assess key areas of interest. Volatility Stop Indicator: The built-in Volatility Stop indicator helps gauge potential trend reversals or continuations, signaling optimal entry or exit points. Adjustable Moving Averages: Users can apply two customizable moving averages to gain insights into trend directions and potential crossovers. Usage Tips:
Breakouts and Retests: Watch for breakout alerts and potential retest labels. These events often indicate significant shifts in market sentiment. Dynamic Support/Resistance: Pay attention to dynamically plotted support and resistance levels. These zones can act as crucial decision points for traders. Volatility Stop: Utilize the Volatility Stop indicator to confirm potential trend changes or continuation points. Adjustable Moving Averages: Experiment with different lengths for the moving averages to align with your trading strategies, such as trend confirmation or reversal indications. This script combines various tools and alerts to help traders make informed decisions based on critical market movements. Use it alongside your analysis and strategies for comprehensive technical analysis.
A very very useful indicator thanks for sharing. Just that this indicator only works in 1 min timeframe but not any other timeframe like 5 mins or 1hr. I use default setting. Do i need to change any setting so that it works in other timeframe too?
str0zzapreti
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@maggielam0729f9wvp, All you need to do is select the timeframe you wish to trade in. Adjusting inputs to further optimize results are up to user discretion
mtgkarwan36
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Use full indicater
tahanks4
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I really like this indicator. I've been using it quite a bit lately. Would it be possible for you to add a timeframe box to the settings? That way I can have this indicator display on a 1 Day timeframe while viewing my other indicators on 1 or 4 hour at the same time. Thanks in advance!
FulleffecT
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Hello! Thnx for your instrument! This is amazing indicator. It determines support and resistance levels very accuratel. Good luck!
and i am curious how many candles have to pass befor the retest becomes permenant on the chart?
str0zzapreti
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@russtmg, The number of candles that must pass before a retest becomes permanent on the chart is determined by the ‘Retest Detection Limiter ‘parameter. Here's an explanation of how it works: - When a potential retest event is detected, the indicator starts actively checking for confirmation within a certain range of bars, which is determined by `Retest Detection Limiter`. - If, during this period, the conditions for confirming the retest are met, the retest event becomes permanent on the chart. - If the conditions are not met within the specified number of bars, the potential retest event is not confirmed and is not considered permanent.
In the script, ‘Retest Detection Limiter’ is set to a default value of 2, which means that the potential retest event will be checked for confirmation over the next 2 bars. If the conditions for confirmation are met within those 2 bars, the retest event becomes permanent; otherwise, it is not confirmed. You can adjust the ‘Retest Detection Limiter ‘parameter to control how many bars must pass before a retest is considered permanent on the chart, based on your trading strategy and preferences.