Breakout Bands

Hiya's,

I've had this one in my formulas for a while and thought I'd share it.   Originally it was a weekly breakout indicator using just 3 bars to determine trade levels without any averaging.   It can still be used as such by adjusting the values, like smoothing =1  (none) and lookback = 3

I've adapted it for the daily charts added smoothing and range breakout percentage.  The default range% for a breakout is 25% of the range of the lookback period.  This can be set from 20% - 30% and you can see the levels expand or contract depending on that setting.

Can be used on stocks , indices & forex.   To trade the breakout levels, stop buy & sell stop orders can be placed.  The opposite band colour can also be used as the exit.

[target=price]
[Description="Breakout Bands, Weekly=3, Daily=15, Max"]
n := input("Lookback periods",15,0);
hshift := input("Horizontal shift",15);
sm := input("Smoothing",3,1);
rx:= input("Range Expand%",0.25,0.2);
UB:=hist(HHV(H,n),hshift)-hist(LLV(C,n),hshift);
LB:=hist(HHV(C,n),hshift)-hist(LLV(L,n),hshift);
[linestyle=solid; color=lime green]
ma((UB*rx)+Open,sm,E);
[color=rgb(226,118,118)] {red}
ma(Open-(LB*rx),sm,E);