Maximo: Thanks to your coding I have been able to modify the original 3barBO indicator.
The breakout marker is now based on a move greater than a multiple of an atr value.
  high >  (LLV of past 5 bars + 2*atr(10)) and the opposite for the sell trigger.

When you see the comparison with the original 3barBO ribbon you notice a slight improvement. Many small 3barBO's have not triggered the marker.

The next step is to display the buy/sell triggers on the chart but only over the last bar, so we can plan the weeks orders in advance.

Thank you for you input, Maximo. I hope you can appreciate how you made a huge contribution.

[ I can feel a weak pulse, put the forum in the intensive care unit and we will see if it recovers.]

Hmm I see Jim Berg has done the work for us in this area, so i will just tack it onto our indicator.     You can see his stoploss uses 2*atr(10) and this adds some risk management to it including earlier possible sign of reversal or entry into a new trend.   I've included paintbars so it looks pretty :P

[Target=Price]

n := input("Breakout periods",5,0);

SigLong := High > hist(HHV(H,n),1);

SigShort := Low < hist(LLV(L,n),1);

Signal:= If(SigLong = True,1,If(SigShort = True,-1,prev));

[linestyle=marker; marker=long; name=""]

If(hist(Signal,1)<>1,Signal=1,undefined);

[linestyle=marker; marker=short; name=""]

If(hist(Signal,1)<>-1,Signal=-1,undefined);

[linestyle=pricecolor]

[color=rgb(98,217,98)] {lime green}

[color=rgb(226,118,118)] {red}

[Description="Jim Berg vstop"]

al := input("ATR Period", 10, 1);

am := input("ATR Multiplier", 2, 0);

[linestyle=solid; name=Stop; color=Blue]

ts := hhv(C-am*ATR(al),15);

ts;

Yes I see going only with the longer term trend is usally more profitable than going against it.  ie. only take a position when your ribbon confirms.   No long positions were confirmed so the probability is better for the short side trades at the moment.      

Aha! now remove the redundant signals.   It was on my to do list for a while.. 

[Description="Breakout Signals"]

[Target=Price]

n := input("Breakout period",3,0);

SignalLong := if(High > hist(HHV(H,n),1),1,0);

SignalShort := if(Low < hist(LLV(L,n),1),1,0);

SigLong := if(SignalLong,1,if(SignalShort,0,prev));

SigShort := if(SignalShort,1,if(SignalLong,0,prev));

[linestyle=marker; marker=long; name=""]

If(SigLong and SigLong <> hist(SigLong,1),1,0);

[linestyle=marker; marker=short; name=""]

If(SigShort and SigShort <> hist(SigShort,1),1,0);

I have been trying to learn a little Bullscript by creating a simple buy/sell indicator.
The buy marker displays when price crosses the highest price of the previous 3 bars and the sell marker displays when price crosses below the lowest price of the previous 3 bars.
This seems to be working properly and now I would like to declutter the chart by making the redundant signals invisible. There doesn't seem to be a handy function for this in Bullscript. I believe Amibroker has a function called "exrem" that can be used for this purpose.
Would anyone like to share how they do this or give me some ideas please.

There is a similar issue with the ribbon in that the displayed colors default to white when a signal has not occured (inside bars). This creates a tricolored ribbon instead of a bicoloured ribbon and looks unclear. 

Would someone like to suggest any ideas to fix this please.