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//@version=4
// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © ceyhun

study("Fractal Breakout", overlay=true)
Barcolor=input(true,title="Barcolor")
Bgcolor=input(true,title="Bgcolor")

FUp = high[4] < high[2] and high[3] < high[2] and high[1] < high[2] and high < high[2] or
high[5] < high[2] and high[4] < high[2] and high[3] <= high[2] and
high[1] < high[2] and high < high[2] or
high[6] < high[2] and high[5] < high[2] and high[4] <= high[2] and
high[3] <= high[2] and high[1] < high[2] and high < high[2] or
high[7] < high[2] and high[6] < high[2] and high[5] <= high[2] and
high[4] <= high[2] and high[3] <= high[2] and high[1] < high[2] and
high < high[2] or
high[8] < high[2] and high[7] < high[2] and high[6] <= high[2] and
high[5] <= high[2] and high[4] <= high[2] and high[3] <= high[2] and
high[1] < high[2] and high < high[2]
FractalUp = valuewhen(FUp, high[2], 1)

FDown = low[4] > low[2] and low[3] > low[2] and low[1] > low[2] and low > low[2] or
low[5] > low[2] and low[4] > low[2] and low[3] >= low[2] and low[1] > low[2] and
low > low[2] or
low[6] > low[2] and low[5] > low[2] and low[4] >= low[2] and low[3] >= low[2] and
low[1] > low[2] and low > low[2] or
low[7] > low[2] and low[6] > low[2] and low[5] >= low[2] and low[4] >= low[2] and
low[3] >= low[2] and low[1] > low[2] and low > low[2] or
low[8] > low[2] and low[7] > low[2] and low[6] >= low[2] and low[5] >= low[2] and
low[4] >= low[2] and low[3] >= low[2] and low[1] > low[2] and low > low[2]
FractalDown = valuewhen(FDown, low[2], 1)

plot(FractalUp, color=#0000FF)
plot(FractalDown, color=#FF0000)

colors=iff(close>FractalUp,#008000,iff(FractalDown<close,#FFFF00,#FF0000))
barcolor(Barcolor ? colors:na)
bgcolor(Bgcolor ? colors:na)

Buy = crossover(close, FractalUp)
Sell = crossunder(close,FractalDown)

plotshape(Buy,"BUY", shape.labelup, location.belowbar, color.green, text="BUY",textcolor=color.black)
plotshape(Sell,"SELL", shape.labeldown, location.abovebar, color.red, text="SELL",textcolor=color.black)

alertcondition(Buy, title="Buy Signal", message="Buy")
alertcondition(Sell, title="Sell Signal", message="Sell")

Video from Venkatesha shastry Byalya

https://drive.google.com/folderview?id=1VB4bvvEVXNMzq08F2t_7pIoI6IQsg0u9

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