The indicator is based on a popular price action strategy by Luc Thomas (Quickfingers Luc on YouTube 🡵). His career in traditional markets led him to formulate a strategy that revolves around price action movements that reveal “bases”. For instance, bases are price levels of support that have a significant, rapid price surge called “bounces”. Once a base is revealed, Luc will reference the price level and create entry positions below the base. Luc will monitor price action in anticipating of a base breakdown where price action rapidly drops below the base level. The entries use a layering technique of dollar-cost averaging to place multiple limit orders at various price levels below the base.
Documentation
You can find the documentation here. Also, we have a YouTube video that provides an overview of the indicator as well.
How do the versions compare?
This indicator has several releases in the version 2 series:
- Version 2.0: https://www.tradingview.com/script/xADlbY2U-Quickfingers-Luc-s-Base-Breaking-Indicator-v2/ 🡵
- Version 2.1: https://www.tradingview.com/script/rcD5obBp-Quickfingers-Luc-s-Base-Breaking-Indicator-v2-1/ 🡵
- Version 2.2: https://www.tradingview.com/script/ROlSJZKq-Quickfingers-Luc-s-Base-Breaking-Strategy-v2-2/ 🡵
- Version 2.3: https://www.tradingview.com/script/Ocx7ofZW-Quickfingers-Luc-s-Base-Breaking-Strategy-v2-3/ 🡵
- Version 2.4: https://www.tradingview.com/script/uo5LgrFb-Quickfingers-Luc-s-Base-Breaking-Strategy-v2-4-0/ 🡵
- Version 2.5: https://www.tradingview.com/script/9tumzHlX-Quickfingers-Luc-s-Base-Breaking-Strategy-v2-5-0/ 🡵
Below is a features table showing the significant changes introduced between the versions.
| Feature | 2.0 | 2.1 | 2.2 | 2.3 | 2.4 | 2.5 |
|---|---|---|---|---|---|---|
| Number of Bars for Drop/Bounce | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| Minimum Price Drop/Bounce % | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| Volume Confirmation | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| Percent Deviation for New Bases | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| Maximum Number of Cracks Allowed Per Base | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| Trade concludes at base | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| 9 DCA Layers with layer crossing shapes | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
Fractal pattern recognition algorithm changed to pivotlow() function | ✔ | ✔ | ✔ | ✔ | ✔ | |
Option to anchor base price to low or low(open, close) | ✔ | ✔ | ✔ | ✔ | ✔ | |
| Option to define maximum number of bars to remain in trade | ✔ | ✔ | ✔ | ✔ | ✔ | |
| Options to showing layer lines never, always, or only when in trade | ✔ | ✔ | ✔ | ✔ | ✔ | |
| Lookback period settings | ✔ | ✔ | ✔ | ✔ | ✔ | |
| Renamed “Median Drop” and “Median Bounce” to “Mean Drop” and “Mean Bounce” | ✔ | ✔ | ✔ | ✔ | ||
| New “Mean Bars in Trade” data point to the data window | ✔ | ✔ | ✔ | ✔ | ||
| New strategy version of the indicator | ✔ | ✔ | ✔ | ✔ | ||
| Improved script performance | ✔ | ✔ | ✔ | |||
| New options to define a take profit percentage and exchange commissions | ✔ | ✔ | ✔ | |||
| New Take Profit plot line | ✔ | ✔ | ✔ | |||
| New Next Base plot line | ✔ | ✔ | ✔ | |||
| New “Activate Take Profit After This Layer Is Cracked” setting | ✔ | ✔ | ✔ | |||
| New “Activate Break Even After This Layer Is Cracked” setting | ✔ | ✔ | ✔ | |||
| New “Stop Loss Percentage After Last Layer” setting | ✔ | ✔ | ✔ | |||
| New “Any Layer Cracked”, “Any Layer Respected”, “Base or Any Layer Cracked”, “Base or Any Layer Respected”, and “Next Base Created” alerts | ✔ | ✔ | ✔ | |||
| New “Start Hour” and “Start Minute” inputs to look back period | ✔ | ✔ | ✔ | |||
| Fractal pattern recognition algorithm changed to ignore the high price of the pivot low bar | ✔ | ✔ | ||||
| Added “Adjust Take Profit At Layer # Cross” inputs | ✔ | ✔ | ||||
| Removed “Activate Take Profit After This Layer Is Cracked” and “Activate Break Even After This Layer Is Cracked” inputs | ✔ | ✔ | ||||
| Removed “Exchange Buy Commission” and “Exchange Sell Commission” inputs | ✔ | ✔ | ||||
| Added Stop Loss Percentage with plot line | ✔ | ✔ | ||||
| Added “Stop Loss Crossed” and “Take Profit Crossed” alerts | ✔ | ✔ | ||||
| Added “Entry Position Size” and “Position Size Multiplier” inputs | ✔ | ✔ | ||||
| Converted script to version 4 of Pine Script | ✔ | |||||
| Added “Override Minimum Tick Precision” and “Method To Adjust Prices To Minimum Tick Precision” inputs | ✔ | |||||
| Added a new “STATISTICS” label at the last bar to show numerous statistics | ✔ | |||||
| Changed default values | ✔ | |||||
| Removed the use of “barstate.isconfirmed” to avoid TradingView repaint warning when creating alerts. | ✔ | |||||
| Removed alerts due to number of objects on chart limitation: “Next Base Created”, “Any Layer Cracked”, “Any Layer Respected”, “Base or Any Layer Cracked”, and “Base or Any Layer Respected” | ✔ | |||||
| Replaced “Start Year/Month/Day/Hour/Minute” with the new single date/time input called “Trade Start Date/Time” | ✔ | |||||
| Adding “Statistics Label Number Of Bars Offset” input | ✔ | |||||
| Added “Enable Trade Eligibility Condition” inputs | ✔ | |||||
| Added “Background Color”, “Text Size”, and “Text Color” inputs for Statistic Label styling | ✔ | |||||
| Replaced the “Layer # Cross” plot shapes with label objects | ✔ |
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