OPEN-SOURCE SCRIPT
Custom Multiple SMAs
The Custom Breakout Indicator provides visual guidance for identifying entry and exit signals within the BreakoutCatcher strategy. It consists of a fan of multiple Simple Moving Averages (SMAs) that make current market conditions visually accessible:
Additionally, the indicator displays a yellow trendline (EMA 100) as an overarching trend filter:
🔗 Part of the BreakoutCatcher strategy – available at: twn-trading.com
✔️ Fully functional on all timeframes
- Flat, tightly clustered fan → Market is consolidating
- First candle closing outside the fan → Potential entry signal (breakout)
- Wide, rapidly expanding fan → Market is overheated, avoid entries
Additionally, the indicator displays a yellow trendline (EMA 100) as an overarching trend filter:
- Price above EMA 100 → Consider only long signals
- Price below EMA 100 → Consider only short signals
🔗 Part of the BreakoutCatcher strategy – available at: twn-trading.com
✔️ Fully functional on all timeframes
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.