1_NWKX4iCw8

hey traders uh this is just a quick
video to explain the changes the update
i made to my breakout indicator so this
is an indicator i use to
just make my trading a little bit more
efficient means i don't need to stare at
charts
as long throughout the day particularly
when i'm day trading which i am today
and if i zoom out my chart here jump out
to the daily chart we have this really
nice uh trend emerging here on euro
aussie
we've just had this break above this
swing high with a major move and now
we've pulled back into structure and
this structure level is beginning to act
as support and so what i'm anticipating
here
is a potential rally back up to these
highs and what i want to see before i
enter any positions is price breaking
close above this consolidation period
here on this one hour time frame so
obviously i could just right click here
and create an alert
and i'll be notified when price crosses
this
previous high of the consolidation but i
don't really care about that i want to
know when price closes above these highs
and with the default
trading view settings alert settings i
can't there's no option here to select
to notify me only when price
is closed above
that high so i created this breakout
indicator there is a lesson in the
version 4 section of this course where i
explain the code it's pretty simple
script all it does is it takes two
inputs long breakout price short
breakout price it checks if price has
closed above
or below
that given price
and then it generates an alert when
that happens
so all i've done here in updating the
script
is i have converted it to version 5 of
pinescript which required a few syntax
changes i needed to change the indicator
the study function to an indicator
function i needed to change my inputs
but one cool feature of version 5 and
what inspired me to update this script
today since i'm using it is this new
confirm parameter in the input
function
this confirm parameter when used with
time related inputs or price related
inputs means that when i add this script
to my chart i can actually select with
my mouse where to put my breakout alerts
so if i throw on the old version
of this indicator script which i haven't
updated yet
i just added it to my chart and now i
need to come up to the settings and i
need to manually put in the price that i
want to see
before i set my alert
however with the new version of the
script watch what happens when i click
add to chart see this little pop-up down
here it says set the long breakout price
price for my breakout indicator and now
i have this horizontal line if i click
up just above the highs here we've now
placed my long breakout price
and now i need to place a short breakout
price as well i'm not interested in
shorting this market but there is no way
to tell pinescript to only confirm one
or the other so i still need to place my
short breakout for now i'll just put it
at the lows
but if we do get a
breakout to the downside i'm not
interested in actually trading that but
i still need to set that parameter
anyway but now you can see after setting
both parameters the script is now
on my chart and the lines are drawing
where i place them and i can click on
these little
handle icons here and i can change the
price
if i want to really quickly and easily
and now when i set my alert on the
script
i can choose once per bar close and now
i will only be notified when the
breakout is confirmed and we've had a
one hour candle close above or below our
long and short breakout levels
anyway that's it for this lesson i'm
going to create my alerts now
actually one thing i'll do while i'm
here is separate these alerts
as well so we'll have long alert and
short alert so for this i'm going to get
rid of the alert message here and just
write long
and short and i'll add long breakout
and short breakout
save my code
hey guys editing matt here i forgot to
change the
condition for our short breakout to
short alert one of the many dangers of
copy and pasting code
and now when i set my alert i can
actually choose
to only receive long breakout alerts
once per bar close create my alert now
i'll be notified if today price action
manages to clear these highs and then
i'll be interested in either trading a
breakout setup
depending on how big the breakout is if
it's reasonable and
below 159 i'll probably just buy the
breakout
with my stop below this swing low here
and target the previous high in this
daily pullback otherwise
if the breakout is massive i'll wait for
a pullback trade and hopefully get a
nice
better price on the pullback and of
course if this gets stopped out there is
a second chance opportunity down at
these lows to buy if we get a double
bottom i'll be keeping an eye out for
that as well because i do like the look
of this market price action formation
that's coming in here and so i would not
be surprised to see another push higher
here that could allow me to get a nice
risk reward profile depending on how
price action unfolds here anyway that's
it for this lesson see you in the next
one
[Music]
you