A candlestick pattern that repeatedly occurs in all markets, the price goes in tight flat range and then boom! a huge and very fast breakout happens.
This pattern allows traders to catch a huge move in a short period of time with high accuracy, this indicator recognizes this pattern.
We developed a model based on variation in previous bars highs and lows for recognizing flat areas in the chart for this indicator.
After indicator founds a flat area it waits for a candlestick that breaks highs or lows of all bars inside that flat area and when the break happened indicator plots a dot below or on top of that candle that will signal a completed breakout candle pattern.
Most of the time the indicator signal outcome is a huge and fast price move in direction of the breakout.
Since version 3.1 the indicator also consider the bar bearish/bullish volume amount, the breakout bar bearish or bullish volume must be more than 60% of total bar volume to be considered as a valid breakout bar, it uses our “Advanced Volume” indicator to get the bars volume data.
- Popup, sound, Telegram and email alert
- Easy to set up with just two parameter
- Works on all markets