frankie.baumann

Fractals average breakout [FB]

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My first indicator.
A simple average of last 1 to 10 fractals (top and bottom)
Trade breakouts of top or bottom lines.
Feel free to use and experiment with.
Frank Baumann
Skript med en öppen källkod

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.

Vill du använda det här skriptet i ett diagram?
//
// @author frankie.baumann
//

study("Fractals average breakout [FB]",shorttitle="FAB",overlay=true)

LookBack = input(5,minval=1,maxval=10)
ShMid = input(true, type=bool, title = "Show Midline?")
ShFL = input(true, type=bool, title = "Show Fractal lines?")

th = high[2]>high[1] and high[2]>high and high[2]>high[3] and high[2]>high[4] ? -1 : 0

bl = low[2]<low[1] and low[2]<low and low[2]<low[3] and low[2]<low[4] ? 1 : 0

tot = th + bl
pl = abs(tot)>=1 ? 1 : 0

// plotarrow(pl==1 ? tot : na,colorup=green,colordown=red,offset=-2,maxheight=10)

lowline = (valuewhen(tot==1, low[2], 0) + (LookBack>1 ? valuewhen(tot==1, low[2], 1) : 0)
    + (LookBack>2 ? valuewhen(tot==1, low[2], 2) : 0) + (LookBack>3 ? valuewhen(tot==1, low[2], 3) : 0)
    + (LookBack>4 ? valuewhen(tot==1, low[2], 4) : 0) + (LookBack>5 ? valuewhen(tot==1, low[2], 5) : 0)
    + (LookBack>6 ? valuewhen(tot==1, low[2], 6) : 0) + (LookBack>7 ? valuewhen(tot==1, low[2], 7) : 0)
    + (LookBack>8 ? valuewhen(tot==1, low[2], 8) : 0) + (LookBack>9 ? valuewhen(tot==1, low[2], 9) : 0)
    )/LookBack
plot(ShFL ? lowline : na, style=line, linewidth=2, color=green) //, offset=-2)

highline = (valuewhen(tot==-1, high[2], 0) + (LookBack>1 ? valuewhen(tot==-1, high[2], 1) : 0)
    + (LookBack>2 ? valuewhen(tot==-1, high[2], 2) : 0) + (LookBack>3 ? valuewhen(tot==-1, high[2], 3) : 0)
    + (LookBack>4 ? valuewhen(tot==-1, high[2], 4) : 0) + (LookBack>5 ? valuewhen(tot==-1, high[2], 5) : 0)
    + (LookBack>6 ? valuewhen(tot==-1, high[2], 6) : 0) + (LookBack>7 ? valuewhen(tot==-1, high[2], 7) : 0)
    + (LookBack>8 ? valuewhen(tot==-1, high[2], 8) : 0) + (LookBack>9 ? valuewhen(tot==-1, high[2], 9) : 0)
    )/LookBack
plot(ShFL ? highline : na, style=line, linewidth=2, color=red)

MidLine = (highline+lowline)/2
plot(ShMid ? MidLine : na, style=line, linewidth=2)