Trade BreakOut (TBO)

Category: market_structure, momentum

Measures price breakouts relative to local N-period highs and lows, expressed as a percentage distance from those extremes. Signal occurs when price exceeds the previous high (resistance) or low (support).

Formula

TBO_{res} = \frac{Price_{high} - Max(Highs_{L})}{Max(Highs_{L})} \\ TBO_{sup} = \frac{Price_{low} - Min(Lows_{L})}{Min(Lows_{L})} \\ \text{Where } L \text{ is the lookback period excluding the current bar.}

Inputs

• TimeFrame (default: PERIOD_CURRENT)
• L (default: 50)
• PriceType (default: PriceHighLow)
• EnableNativeAlerts (default: false)
• TriggerCandle (default: CURRENT_CANDLE)
• EnableDrawArrows (default: true)

See signal primitives and every published strategy that uses Trade BreakOut (TBO) on WOBR StrategyVerse.