Breakout Finder (BF)

Breakout Finder (BF) – Advanced Price Action Breakout Indicator

Overview. Breakout Finder (BF) is a strictly mathematical price action indicator designed to identify valid breakouts and breakdowns from key support and resistance zones. By tracking historical Pivot Points and filtering out market noise, BF highlights high-probability trade setups where the price definitively escapes consolidation.

Designed for the TakeProfit (Indie) platform, this indicator relies on strict bar-state management to deliver 100% repaint-free signals, making it a reliable tool for algorithmic and discretionary traders alike.

How It Works The algorithm maps local Pivot Highs and Pivot Lows, storing them dynamically. When the price approaches these historical extremes, the indicator establishes a threshold channel (width based on a percentage of the recent local range). A breakout or breakdown is only validated if the level has been "tested" a minimum number of times within the defined period. This mechanical filtering drastically reduces false signals (bull/bear traps).

Key Features

• Smart Noise Filtering: Requires a user-defined minimum number of tests (touches) before a level is considered valid, ignoring erratic price spikes.
• Dynamic Visual Zones: Draws clean, shaded rectangular zones on the chart, explicitly showing the breakout channel's origin, upper/lower bounds, and length.
• Repaint-Free Engine: Engineered with strict is_new_bar state controls. Once a bar closes, the pivot history and generated signals are permanently locked.
• Actionable Signal Markers: Prints clear 'B' (Breakout) and 'S' (Breakdown) or directional markers directly above/below the signal candle for instant recognition.

Customizable Parameters

• Period: Lookback depth for detecting Pivot Highs/Lows.
• Max Breakout Length: The maximum number of bars a pivot remains valid before it expires.
• Threshold Rate %: Dynamically adjusts the width of the breakout channel based on recent market volatility.
• Minimum Number of Tests: Strictness control—higher values require more consolidation before signaling.

Best For: Breakout trading, trend continuation, market structure shifts, and swing trading across all asset classes (Crypto, Forex, Equities).

Credits: Inspired by the "Breakout Finder" indicator by LonesomeTheBlue.