PBKO - Progressive Break Out 2.0 — Indicator by Leonardo.Ciaccio

pbko progressive break out

Progressive Fibonacci level, intercept support/resistance from lenght bars default 120 bars, best use to 1H chart

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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Want to use this script on a chart?

//Break Out level by Leonardo Ciaccio 2014 ----------------
study(shorttitle="PBKO 2.0", title="Progressive Break Out 2.0", overlay=true)
//---------------------------------------------------------

//Input from user -----------------------------------------
length     = input(120, minval=1)
//---------------------------------------------------------

//---------------------------------------------------------
upper   = highest(length)
lower   = lowest(length)

FIBO_0_50   = (upper-lower)*0.5
FIBO_0_764  = (upper-lower)*0.764
FIBO_0_618  = (upper-lower)*0.618

plot(upper, color=olive, title='Upper')
plot(lower, color=red, title='Lower')

plot(lower+FIBO_0_764, color=#8DB8E3, title='FIBO 0.764/0.236')
plot(lower+FIBO_0_618, color=#51C44D, title='FIBO 0.618/0.382')
plot(lower+FIBO_0_50, color=#4C4EC2, title='Fibo 0.5', style=cross)
plot(upper-FIBO_0_618, color=#51C44D, title='FIBO 0.382/0.618')
plot(upper-FIBO_0_764, color=#8DB8E3, title='FIBO 0.236/0.764')
//---------------------------------------------------------