Breakout Pattern Setup Wedge and Channel
- Indicatori
- Versione: 2.20
- Attivazioni: 10
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MOST BREAKOUT TOOLS DRAW RANDOM LINES.
THIS ONE FINDS REAL CHANNELS.
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Price moves in channels. Wedges. Triangles.
Flags. Pennants. Every major breakout starts
inside one of these patterns.
Breakout Pattern Setup automatically detects
converging price channels using a boundary-fit
algorithm — the same mathematical approach
professional analysts use manually — and alerts
you the moment price breaks out with strength.
No manual drawing. No guessing.
Pure mathematical channel detection.
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HOW IT WORKS
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1. Detects swing highs and lows automatically
using a configurable pivot length
2. Fits trendlines to the pivots using a
boundary-fit algorithm — finds the line
that best connects multiple pivot touches
on each side
3. Validates the channel against 5 criteria:
• Minimum touches per boundary
• Convergence rate (must be narrowing)
• Channel width vs ATR
• Price must be inside the channel
• Volume contraction (optional)
4. Draws the channel with fill on your chart
in real time
5. Detects breakout when price closes outside
either boundary with momentum confirmation
6. Draws Entry, SL, TP1, TP2, TP3 levels
automatically at the breakout bar
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BREAKOUT STRENGTH SCORING
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Every breakout is scored automatically:
◆ STRONG — High penetration + strong volume
+ body fully outside boundary + RSI confirms
◆ MEDIUM — Moderate breakout with some
confirmation
◆ WEAK — Minimal breakout, use caution
The strength label appears on every signal
so you know immediately how much conviction
to trade with.
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AUTOMATIC TRADE LEVELS
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When a breakout is detected the indicator
draws complete trade management levels:
✔ ENTRY — breakout close price
✔ SL — opposite channel boundary
(with optional ATR buffer)
✔ TP1 — 1/3 of channel width projection
✔ TP2 — 2/3 of channel width projection
✔ TP3 — full channel width projection
Profit zone shown in GREEN
Loss zone shown in RED
TP levels update color when hit — you can
see at a glance which targets have been
reached.
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SMART FILTERS
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◆ Volume Spike Filter
Breakout must occur on above-average volume.
Set multiplier to 0.5 to disable on Forex
where volume data is tick-based.
◆ Volume Contraction Filter
Requires volume to decline inside the channel
before breakout — classic institutional
accumulation signature.
◆ Momentum Filter (RSI)
Bull breakout requires RSI above 50.
Bear breakout requires RSI below 50.
Eliminates weak counter-trend breaks.
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PATTERN HISTORY MODES
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◆ Last Only — shows only the most recent
channel and breakout. Clean chart.
◆ All — keeps all historical channels and
signals visible. Full audit trail.
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ALERTS
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Built-in alerts fire automatically on:
🟢 Bull breakout detected
🔴 Bear breakout detected
🟡 New channel pattern formed
🎯 TP1 hit
🎯 TP2 hit
🏆 TP3 hit
🛑 Stop loss hit
Webhook/JSON format available for
integration with trading bots and
notification services.
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INPUT PARAMETERS
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Main Settings
- Pivot Detection Length — bars each side
for swing confirmation (default 5)
- Min Touches per Boundary — minimum pivot
touches to validate trendline (default 2)
- Max Channel Width — lookback in bars
- Convergence Rate — minimum narrowing
required for valid channel
Advanced
- Touch Tolerance — ATR multiplier for
pivot snap distance
- Max Deviation — how far a pivot can be
from the trendline
- Min Channel Width — ATR minimum width
Filters
- Volume Spike Multiplier
- Volume Contraction Filter on/off
- Momentum Confirmation on/off
Visual
- Channel line color and width
- Channel fill on/off
- History mode
- Label sizes
Risk Management
- SL Padding beyond boundary
- Label offset in bars
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WORKS ON ALL ASSETS AND TIMEFRAMES
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✔ Forex — all pairs
✔ Gold and Silver — XAUUSD XAGUSD
✔ Crypto — BTC ETH and all coins
✔ Indices — US30 NAS100 SPX500
✔ Any CFD available on your broker
Works on all timeframes from M5 to Monthly.
Best results on H1 H4 and Daily.
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HOW TO USE
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1. Attach to any chart
2. Wait for channel to be detected
(status bar shows CHANNEL ACTIVE)
3. Watch for breakout signal with
strength label
4. Enter on the breakout candle close
5. Set SL at the drawn stop level
6. Take partial profits at TP1 and TP2
7. Let remainder run to TP3
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PLATFORM
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MetaTrader 5 only.
Works as an indicator — does not place
trades automatically.
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BUILT BY AUREX
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Breakout Pattern Setup is part of the
Aurex professional toolkit — built by
active traders for serious market
participants.
Also available from Aurex:
◆ Elliott Wave Detector Auto MTF Analysis
◆ Analogue Matcher - AI Pattern Match
◆ Aurex Trade Journal
