Trend Breakouts

Description: 
This indicator (with its Fibonacci algorithm) marks Buy and Sell zones, which indicate where a trend has a higher probability of continuing either upward, or downward. 

Additionally, there are horizontal lines drawn for each day, which show a high probability level of where price is likely to break out, and continue either higher, or lower. 

This indicator will never repaint. 

Features:

The main strength of this indicator is that the user is able to visually assess what the market is doing, at a glance. 

At the Buy zone, the market is most likely moving higher, or in an uptrend. Whilst in the Sell zone, the market is most likely moving downward, or in a downtrend. 

Using the bands alone to "frame" the market, and what it is doing, the trader is able to see a much clearer picture of what is happening over the relevant timeframe, and therefore what the market is likely to do next. 

This indicator will greatly enhance the efficacy of any entry indicators you may already be using, by filtering out bad trades. At a glance, the trader will be able to assess whether the market is ranging, or trending higher in the Buy zone, or trending lower in the Sell zone. Thus, taking entries around the Buy and Sell zones, should enhance any system you may already be using. 

The horizontal breakout lines are a system on their own, marking out key levels where price is likely to break out higher, or lower. These lines are derived from the highs and lows of days past. Once again - able to enhance any other system, by filtering out low-probability trades. 

How to use:

This indicator can be used to find high-probability scalps, on the lower timeframes (15-minute to 1-minute) of instruments such as stock indices, like the Nasdaq100. Simply scalp when price enters these zones. 

Or, this indicator can be used to swing-trade on the higher timeframes (30-minute to 4-hour). If the trader wishes to catch longer trends, over longer time horizons, the Buy and Sell zones would also be used to assess when a market is really trending either higher or lower.  

Using the horizontal breakout lines can be a great way to scalp on the lower timeframes. These levels can also be used in swing-trading to find those critical levels where a market will likely continue moving higher or lower. 

Combining the horizontal breakout lines with the Buy and Sell zones should increase the probabilities of scalp and swing trades working out for the trader, as these two separate algorithms complement each other. 

In essence, the purpose of this indicator was to improve the basic technical analysis of traders, and provide a means to trade via a mechanical, simple approach to the market. 

Note: 
If the horizontal breakout lines do not display on the timeframe you are using, simply increase the value in the Breakout_BarLookBack field, on the indicator inputs. 

Happy Trading.