This indicator identifies potential breakout opportunities based on the high and low points formed within the first 12 candles after the market opens on a 5-minute timeframe. It provides visual cues and labels to help traders make informed decisions.
Features:
Market Open High/Low: Marks the highest and lowest price of the first 12 candles following the market open with horizontal lines for reference. Breakout Signals: Identifies potential buy or sell signals based on the first 5-minute candle closing above the open high or below the open low. Target and Stop-Loss: Plots horizontal lines for target prices (100 points by default, adjustable) and stop-loss levels (100 points by default, adjustable) based on the entry price. Visual Cues: Uses green triangles (up) for buy signals and red triangles (down) for sell signals. Informative Labels: Displays labels with "Buy" or "Sell" text, target price, and stop-loss price next to the entry signals (optional). Customization:
You can adjust the target and stop-loss point values using the provided inputs. How to Use:
Add the script to your TradingView chart. The indicator will automatically plot the open high, open low, potential entry signals, target levels, and stop-loss levels based on the first 12 candles after the market opens. Use the signals and price levels in conjunction with your own trading strategy to make informed decisions.