SPX Breakout Strategy [MAP]

3 hari lalu

Here’s a breakdown of the color scheme used in the script:
1. Donchian Levels (Upper and Lower Levels)

Color: color.yellow

Purpose:

The upper and lower levels of the Donchian Channel are plotted as yellow solid lines.

These levels represent the highest high and lowest low over the lookback period.

Example:

Upper Level: 4500 (yellow)

Lower Level: 4400 (yellow)

2. Take-Profit Levels

Buy Take-Profit:

Color: color.green

Purpose:

The take-profit level for a buy position is plotted as a green dashed line.

This level is calculated as upper_level + (2 * risk).

Example: 4600 (green)

Sell Take-Profit:

Color: color.red

Purpose:

The take-profit level for a sell position is plotted as a red dashed line.

This level is calculated as lower_level - (2 * risk).

Example: 4300 (red)

3. Target Levels

Upper Targets:

Color: color.teal

Purpose:

The upper target levels are plotted as teal dashed lines.

These levels are calculated as upper_level + (i * target_distance), where i is the target number (1 to 5).

Example:

Target 1: 4700 (teal)

Target 2: 4800 (teal)

Lower Targets:

Color: color.orange

Purpose:

The lower target levels are plotted as orange dashed lines.

These levels are calculated as lower_level - (i * target_distance), where i is the target number (1 to 5).

Example:

Target 1: 4300 (orange)

Target 2: 4200 (orange)

4. Stop-Loss Levels

Buy Stop-Loss:

Color: color.red

Purpose:

The stop-loss level for a buy position is plotted as a red dashed line.

This level is calculated as upper_level - (atr * stop_loss_distance).

Example: 4450 (red)

Sell Stop-Loss:

Color: color.red

Purpose:

The stop-loss level for a sell position is plotted as a red dashed line.

This level is calculated as lower_level + (atr * stop_loss_distance).

Example: 4350 (red)

5. Entry Labels

Buy Entry:

Color: color.green

Purpose:

A green label is displayed on the chart when a buy condition is met.

The label says "BUY" and is placed at the high of the bar where the breakout occurs.

Example: A green "BUY" label appears on the chart.

Sell Entry:

Color: color.red

Purpose:

A red label is displayed on the chart when a sell condition is met.

The label says "SELL" and is placed at the low of the bar where the breakout occurs.

Example: A red "SELL" label appears on the chart.

6. Text Labels on the Right Side

Color:

The text labels on the right side of the chart use the same colors as the corresponding levels (e.g., yellow for Donchian levels, green for buy take-profit, red for sell take-profit, etc.).

Purpose:

These labels display the price values of the levels (e.g., 4500, 4600, etc.) on the right side of the chart.

They are placed at the corresponding price levels for easy reference.

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