This utility is based on a volatility breakout, described in the book by Larry Williams in his Long-Term Secrets of Short-Term Trading book. The idea was that they took the volatility value of the previous day candle, and if it broke out against the open price of the current day candle, the price usually went further. So they recommended placing pending orders on volatility breakout levels. This indicator draws such levels.

This is a free version of the product Volatility Breakout Williams Pro. With this tool, you can quickly build volatility breakout levels, it is easy to adapt them to suit your style of trade, because this version features very flexible configuration.

Parameters

1. buy_coef — percentage of the previous candle volatility in an uptrend.
2. sell_coef — percentage of the previous candle volatility in an downtrend.
3. candle — candle or bar to calculate levels for.
4. Advanced_mode: 0 - calculation of volatility of one bar. 1 - Calculation of the three previous bars.