[blackcat] L2 Intraday R-Breaker Indicator

1 Jan 2022

Level: 2

Background

The famous R-Breaker is a short-term intraday trading strategy that combines trend and reversal trading methods.


Function

-1) When the intraday highest price exceeds the observed selling price, and the intraday price drops and further breaks below the support line constituted by the reverse selling price, a reversal strategy is adopted, that is, at this point (backhand, open position) ) Short;
-2) When the intraday lowest price is lower than the observed purchase price, and the intraday price rebounds and further exceeds the resistance line constituted by the reverse purchase price, a reversal strategy is adopted, that is, at this point (backhand, open position) ) Long;
-3) In the case of a short position, if the intraday price exceeds the breakthrough buying price, a trend strategy is adopted, that is, open a long position at that point;
-4) In the case of a short position, if the intraday price breaks below the selling price, a trend strategy is adopted, that is, open a short position at that point.

Key Signal

pivot --> pivot pionts
reverse_sell_price --> pivot points,reverse selling prices: senter
observe_sell_price --> bserve selling price: ssetup
break_bid_price --> breakthrough bid price: bbreak1
reversal_bid_price --> reversal bid price: bbreak2
observe_buy_price --> observe buy price: bsetup
break_sell_price --> break sell price: sbreak


Remarks

This is a Level 2 free and open source indicator.

Feedbacks are appreciated.

19 Apr

Nota Keluaran

OVERVIEW
The [blackcat] L2 Intraday R-Breaker Indicator is designed to help traders identify potential buy and sell points based on intraday price movements. This indicator calculates various pivotal levels using custom functions and plots them on the chart for easy visualization. It also generates alerts when specific conditions are met, signaling potential trading opportunities. The script fetches necessary data from higher timeframes and uses this information to determine key price levels, making it a valuable tool for day traders looking to capitalize on short-term market movements 📈💸.

FEATURES

Calculates and plots multiple pivotal levels:

Pivot Point
Reverse Sell Price
Observe Sell Price
Break Bid Price
Reversal Bid Price
Observe Buy Price
Break Sell Price
Generates buy and sell signals based on predefined conditions 🔔

Provides visual labels on the chart for easy identification of trade signals 🏷️

Supports customizable colors and line widths for plotted levels 🎨

Includes functionality to fetch security data from different timeframes 🕒

HOW TO USE

Add the indicator to your TradingView chart by selecting it from the indicators list.
Customize the appearance of the plotted lines as needed in the settings panel ⚙️.
Monitor the chart for generated buy ('B') and sell ('S') labels indicating potential trade opportunities.
Set up alerts based on the generated signals to receive notifications when conditions are met 📲.
LIMITATIONS

The indicator relies heavily on intraday price action, which may not be suitable for all trading styles or timeframes.
Some conditions might generate false signals in highly volatile or ranging markets 🌪️.
Users should always combine this indicator with other forms of analysis before making trading decisions.
NOTES

The script imports external libraries (e.g., pandas_ta) for additional functionalities.
Ensure that you have sufficient historical data available for accurate calculations.
Test the indicator thoroughly on demo accounts before applying it to live trading 🔍.