This ProBuilder script is designed to identify bullish breakout patterns over a specified range of candlesticks, considering a minimum retracement. The code checks if the current candle’s close is higher than the close of a past candle within a defined range, following a retracement that exceeds a specified minimum.

mincandles = 3
maxcandles = 20
minPoints = 20

for i = mincandles to maxcandles
    if close > close[i] and close[1] < close[i] and min(close, close[i]) - lowest[max(1, i)](low) > minPoints * pointsize then
        drawarrowup(barindex, low) coloured("green")
        drawsegment(barindex, min(close, close[i]), barindex[i], min(close, close[i])) style(dottedline2)
        break
    endif
next

return

The code snippet above performs the following steps:

• Initialization: Sets the minimum and maximum number of candlesticks to check for a breakout, and defines the minimum points of retracement.
• Loop through past candlesticks: Iterates from mincandles to maxcandles to find a candlestick that meets the breakout criteria.
• Condition check: For each candlestick in the loop, it checks if:
  • The current close is greater than the close of the past candlestick.
  • The previous close is less than the close of the past candlestick.
  • The minimum of the current close and the past close minus the lowest low since the past candlestick exceeds the minimum points of retracement, adjusted by the point size.
• Drawing on chart: If conditions are met, it draws an upward green arrow at the low of the current bar and a dotted line segment from the current bar back to the past bar where the condition was met.
• Break the loop: Once a valid breakout is found, it exits the loop to avoid unnecessary checks.

This script is useful for traders who are looking for potential bullish entries after a price retracement, using historical data to validate the strength of the current price movement.