VolRangeBreak

Confirms breakouts by requiring simultaneous expansion in price range and volume, reducing false signals in Forex swing trading on 4H and daily charts.

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Initial release.

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let avgRange = sma(high - low, rangeLen)
let rangePctInc = ((high - low) - avgRange) / avgRange * 100
let avgVol = sma(volume, volLen)
let volPctInc = (volume - avgVol) / avgVol * 100
let rangeBreakUp = close > highest(high, rangeLen - 1)
let rangeBreakDown = close < lowest(low, rangeLen - 1)
let rangeCond = rangePctInc >= rangeThresh
let volCond = volPctInc >= volThresh
let breakoutUp = and(rangeBreakUp, rangeCond, volCond)
let breakoutDown = and(rangeBreakDown, rangeCond, volCond)
plot("rangePctInc", rangePctInc)
plot("volPctInc", volPctInc)
plot("avgRange", avgRange)
plot("avgVol", avgVol)
event("breakoutUp", breakoutUp)
event("breakoutDown", breakoutDown)

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