Overview the Trend Breaking Level (TBL) indicator!

Demonstration of the indicator "Trend Breaking Level (TBL)" on chart.

For what?

• Smart trailing stop. Timely identification of a trend change, i.e. the dominant market participant (seller/buyer), is essential for implementing a "smart" trailing stop of an open position. Don't forget: it's easier to get in than to get out!
  
• Entry points. The indicator can be used to search for potential entry points when the trend changes, but with great caution, as the end of one trend is not always the beginning of another.
  

What does it show?
First and foremost, the main indicators element is the Trend Breaking Level (TBL). It's a step line that runs through price action and shows a dominant directional trend, i.s. the nearest:

• <green line> - support during an uptrend (trail stop for long);
  
• <red line> - resistance during an downtrend (trail stop for short).
  

The main events of the indicator - marking exit points from a position. Their are displayed as two types of labels:

• <triangles> - «Take profit» - partial closure due to a weakening trend;
  
• <labels> - «End of trend» - complete closure due to a trailing stop (when the market crosses the current TBL).
  

The indicator also highlights the background of the chart in trend "zones".

How it works?
Using volume analysis of the market, the script identifies "key" price levels, which when broken have the highest probability of cancelling the current trend.

This levels have different "strengths" and are ranked by the script algorithms, allowing not only the main TBL to be highlighted, but also additional ones for intermediate take profits for open positions.

Get more info about the "Trend Breaking Level (TBL)" indicator.