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Price Action Breakout Scanner

Demo downloaded: 3

Published: 2 October 2024

Current version: 1.0

Price Action Breakout Scanner

Utilities
Marc Maina Mwangi
Version: 1.0
Activations: 20

MULTI TIMEFRAME BREAK OUT SCANNER

This tool implements analysis of candle stick patterns to plot break out zones on multiple timeframes. It is key to be able to see the bigger picture when trading . Being able to view signals from this powerful in real time across multiple timeframes not only save in analysis but are also key indicators of current market conditions and can help a trader identify when the market is trending or ranging . When signals coincide across multiple timeframes big market moves usually happen or are currently happening

Here is a summary of this tool and how to use it.

DEFINITION

This indicator utilizes price data directly and doesn't rely on indicators to determine breakout zones.

Raw candlestick data is analyzed to determine prices at which possible breakout zones may occur or may have occurred.

It plots on chart one support and resistance line displaying the current breakout zone.

BULLISH SIGNAL

GREEN Buy

This means current price has broken out of current breakout zone with bullish volatility. This is the most recent bull signal.

LIGHT GREEN Buy

This means current price has not broken out of current breakout zone but previous price activity indicate a bullish trend.

BEARISH SIGNAL

RED Sell

This means current price has broken out of current breakout zone with bearish volatility. This is the most recent bear signal.

PINK Sell

This means current price has not broken out of current breakout zone but previous price activity indicate a bearish trend.

BLANK WHITE

No break out zone detected

RECOMENDED SETTINGS

The Utility can go on EURUSD, GBPUSD, AUDUSD and USDCAD, but also in others.
An Ecn broker is always recommended
A low latency vps is always recommended.
Use small lots sizes for best results.

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