Thunderbird BoS

The Thunderbird BoS script is meticulously crafted for those who thrive on higher timeframes (daily, weekly, monthly) and aim to capture the significant moves and trends in the market.

What does the Thunderbird BoS script do?

Breakouts are pivotal moments in investing, and the Thunderbird BoS script is your ally in identifying them. Here's how:

• Breakout Detection: The script springs into action when there's a breakout of a specific Donchian setting, producing a signal.
  
• Visual Aids: It doesn't just stop at signals. The script visually displays entry, stop, and compound levels right on your chart. This feature is especially handy when you hover over a bar, as it allows you to see levels from past signals, no matter how far back in time.
  
• Trend Confirmation: The script is adept at producing entry signals in both confirmed bull and bear trends.
  
• Filtering the Noise: Using the Donchian logic, the script confirms end-of-day entry points in a long-term trend and efficiently filters out fake breakouts and entry points in a sideways market.
  

How does BoS work?

The BoS is a product of meticulous calculations:

• Breakout Signal: Upon detecting a breakout signal, the entry-level is determined. For a bullish breakout, it's calculated a specific % above the high, and for a bearish breakout, a specific % below.
  
• Stop Calculation: Using the Average True Range (ATR) over a number of specific days, the stop loss is set below the entry for long positions and above for short positions.
  
• Compound Levels: The compound level is also determined using an ATR formula above the entry for long positions and below for short ones.
  

What's the ideal timeframe for this script?

The Thunderbird BoS script is tailor-made for the daily timeframe. This ensures that breakout signals are derived from a comprehensive view of the market's movements.

What sets the Thunderbird BoS script apart?

The uniqueness of the Thunderbird BoS script lies in its:

• Historical Insight: The ability to view levels from past signals by simply hovering over a bar. This feature aids in analysing entry levels from any point in the past and is displayed seamlessly in the data window.
  
• Precision for Daily Timeframe: The script is specifically coded for the daily timeframe to:
  

1. Pinpoint the onset of potential long-term trends.
   
2. Confirm entry points at the end of the trading day, effectively filtering out intraday distractions.
   
3. Minimise the chances of fake breakouts in a trend.
   
4. Continuously generate entry points as the trend evolves, facilitating compounding.
   
5. Efficiently filter out breakouts in a sideways market.
   

In essence, the Thunderbird BoS script is an investor's tool for focusing on the quality of potential positions when investing in long-term market trends. It's not just about identifying trends; it's about making informed decisions based on them.