Volatility Breakout Williams Pro
This indicator is based on volatility breakout, described in the book by Larry Williams Long-Term Secrets of Short-Term Trading.
The idea was that they took the volatility value of the previous day candle, and if it broke out against the open price of the current day candle, the price usually went further. So they recommended placing pending orders on volatility breakout levels. This indicator draws such levels.
This is a complete indicator you can quickly build volatility breakout levels, it is easy to adapt them to suit your style of trade, because this version features very flexible configuration. Has additional modes for ease of drawing and price monitoring when it approaches the breakout level.
The differences from the free version:
- Added an advanced mode for calculating volatility breakout using several day candles.
- Added an information line about the current position of the price towards breakout levels. Expressed in percentage and number of points to the breakout or in number of points of the current breakout of volatility.
- buy_coef — percentage of the previous candle volatility in an uptrend.
- sell_coef — percentage of the previous candle volatility in a downtrend.
- candle — candle to calculate levels for.
- Advanced_mode — advanced mode. false — by default. true — volatility is calculated by numb_bars.
- numb_bars — number of bars for calculation.
- txtcolor — color of the text.