Long Setup Identifier

Description:
This indicator helps long-only traders identify potential entry points by detecting three key setups: Breakouts, Pullbacks, and Consolidations. It's designed for daily charts but can be adapted to other timeframes.

Key Features:

Breakout (B): Identifies when price breaks above a recent high with increased volume, signaling potential trend continuation or reversal.

Pullback (P): Detects retracements to the 50 EMA in an uptrend, offering potential entry points at support.

Consolidation (C): Highlights periods of low volatility, which often precede breakouts.

The indicator uses small, unobtrusive labels (B, P, C) to mark these setups on the chart, minimizing clutter while providing clear signals.

Customizable Parameters:

Lookback Period: Adjusts the historical data range for calculations.

Breakout Volume Multiplier: Sets the volume threshold for confirming breakouts.

Consolidation Threshold: Determines how tight the price range should be to qualify as consolidation.

This tool is ideal for traders focusing on momentum and trend-following strategies in bullish markets. It helps in identifying optimal entry points for long positions, whether you're looking to enter on breakouts, buy dips, or anticipate moves after consolidation periods.

Note: This indicator is for educational and informational purposes only. Always combine with other forms of analysis and risk management for best results.