Alpha Breakout Dashboard™

This script identifies intraday breakout trading opportunities on the Nifty (or any other instrument), using technical indicators like EMA, VWAP, and recent highs/lows, and displays clean buy/sell signals along with a top-right dashboard showing live trade status and Risk:Reward (RR).

Core Logic
1. Breakout Detection
A Bullish Breakout occurs when:

• Price breaks above the highest high of the past N bars (excluding the current bar).
  
• Price is above the 20 EMA and VWAP.
  

A Bearish Breakout occurs when:

• Price breaks below the lowest low of the past N bars.
  
• Price is below the 20 EMA and VWAP.
  

These conditions are configurable via inputs.

2. Trend Filter (Optional)

• When enabled, long entries are only allowed if the price is above EMA and VWAP, and short entries if it's below.
  
• This helps align trades with the dominant market trend.
  

3. Trade Entry & Tracking
Once a breakout is detected:

• A Buy/Sell signal is plotted on the chart.
  
• The script sets an entry price, a stoploss (with a buffer), and a target based on a fixed Risk:Reward Ratio (default 2:1).
  

The script keeps track of whether a long or short trade is currently active.

4. Live Risk:Reward Calculation
While in a trade:

• The Live RR is updated on each candle.
  
• RR is calculated dynamically using the latest close, stoploss, and target.
  

If no trade is active, RR shows “Waiting...”.

5. Dashboard Panel (Top-Right Corner)
Shows:

• Current Trend: Bullish 🟢 / Bearish 🔴 / Neutral ⚪
  
• Entry Price: Shows real-time entry or "Waiting..."
  
• Live RR: Dynamic Risk:Reward ratio or "Waiting..."
  

6. Visuals

• Signals: Clearly marked BUY (green label) or SELL (red label).
  
• EMA & VWAP: Plotted for trend context.
  
• No SL/TP lines: Chart remains clean.
  

7. Alerts

• Alerts are triggered on new Buy/Sell signals.
  
• Alert conditions are also defined for use in TradingView alert setup.
  

Customization Options

• EMA Length
  
• Breakout Lookback Bars
  
• Stoploss Buffer (in points)
  
• Risk:Reward Ratio
  
• Trend Filter On/Off
  

Ideal Use

• For intraday traders looking to catch strong breakouts in trending conditions.
  
• Best used on 5min to 15min charts.
• Can be paired with volume or momentum indicators.