Breakout trades can be taken based on the previous day's and it's deviations.
One can say that the stock has experienced breakout if current price crosses the fourth deviation of the previous day's or price bounces off that level, the price movement will be rapid if this occurs providing a good trading opportunity with low risk-reward ratio.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.