MTF Breakout/Retest

6 Okt 2023

Introducing the MTF (Multi Timeframe) Breakout and Retest Indicator:

This indicator is designed to enhance your trading strategy by providing a clear view of support and resistance levels across multiple timeframes. What this simply means is that you can input your levels, and be on a lower timeframe such as the 1 minute timeframe, and are able to see when your support or resistance level has a breakout

📈 Short Trade Breakout Condition:

- Definition: A short breakout occurs when a candle closes below your specified support level on any chosen timeframe.

- Confirmation: It confirms as a valid short signal when a second candle closes below the support level without retesting.

- Visual Clarity: The indicator highlights the timeframe in which this breakout has occurred.

(Long conditions are same but reversed, and will be displayed in color green)

📊 Multi-Timeframe Insights:

- Scope: You can analyze support and resistance levels across various timeframes, including 5, 15, 30, and 60 minutes, while trading on a lower timeframe like 1 minute.

🎨 Dynamic Color-Coding:
- Visual Signaling: The indicator employs color-coding to visually signal breakout events. When a short breakout occurs on any timeframe the timeframe color will highlight red, and vice versa for long will highlight green. The physical line will change color based on the current timeframe you are viewing

- Real-Time Tracking: Colors reset when a level is retested, helping you track market sentiment in real-time.

🪙 Need Your Help
- I am still very much new to coding, and this code is clearly not optimized well. This code was mainly the based idea, and over the next coming months I will be working to enhance the code but I need tradingview help. If you are a coder and see a way to optimize this code please please let me know :)