Breakout & Fakeout Coloring

A custom indicator created by TrendSpider Team on TrendSpider. You can import this custom indicator into your TrendSpider account. Don't have TrendSpider? Create an account first, then import the custom indicator.

This indicator highlights candles based on breakout and breakdown conditions:

Green: Breaks the prior high and closes above.

Red: Breaks the prior low and closes below.

Light Red: Breaks the prior high but closes back below.

Light Green: Breaks the prior low but closes back above.

Gray: Inside day (stays within prior range) or fakeout (breaks both sides but closes inside).

Supports custom colors, scanning, and strategy testing for all conditions.

Source code

This indicator had been implemented by TrendSpider Team in JavaScript on TrendSpider. Check out the developer documentation to learn more about JS on TrendSpider.

describe_indicator('Breakout & Fakeout Coloring');

// Input for colors
const colorBreakout = input.color('Breakout Color', 'green');
const colorBreakdown = input.color('Breakdown Color', 'red');
const colorFailedBreakout = input.color('Failed Breakout Color', '#ffcccc');
const colorFailedBreakdown = input.color('Failed Breakdown Color', '#ccffcc');
const colorGray = input.color('Inside Day/Fakeout Color', 'gray');

// Function to get the previous candle's high and low
const getPreviousHL = (index) => {
    if (index <= 0) return { high: null, low: null };
    return { high: high[index - 1], low: low[index - 1] };
};

// Compute the conditions
const breakoutCondition = [];
const breakdownCondition = [];
const failedBreakoutCondition = [];
const failedBreakdownCondition = [];
const insideDayCondition = [];
const fakeoutCondition = [];

for (let i = 1; i < close.length; i++) {
    const { high: prevHigh, low: prevLow } = getPreviousHL(i);
    
    breakoutCondition[i] = high[i] > prevHigh && close[i] > prevHigh;
    breakdownCondition[i] = low[i] < prevLow && close[i] < prevLow;
    failedBreakoutCondition[i] = high[i] > prevHigh && close[i] <= prevHigh;
    failedBreakdownCondition[i] = low[i] < prevLow && close[i] >= prevLow;
    insideDayCondition[i] = high[i] < prevHigh && low[i] > prevLow;
    fakeoutCondition[i] = high[i] > prevHigh && low[i] < prevLow && close[i] >= prevLow && close[i] <= prevHigh;
}

// Register signals for scanning and strategy testing
register_signal(breakoutCondition, 'Breakout');
register_signal(breakdownCondition, 'Breakdown');
register_signal(failedBreakoutCondition, 'Failed Breakout');
register_signal(failedBreakdownCondition, 'Failed Breakdown');
register_signal(insideDayCondition, 'Inside Day');
register_signal(fakeoutCondition, 'Fakeout');

// Apply colors to candles
const candleColors = for_every(
    breakoutCondition,
    breakdownCondition,
    failedBreakoutCondition,
    failedBreakdownCondition,
    insideDayCondition,
    fakeoutCondition,
    (bo, bd, fbo, fbd, id, fo) => {
        if (bo) return colorBreakout;
        if (bd) return colorBreakdown;
        if (fbo) return colorFailedBreakout;
        if (fbd) return colorFailedBreakdown;
        if (id || fo) return colorGray;
        return null;
    }
);

color_candles(candleColors);