Pivot Breakout Retest Signals [algo_aakash]

Overview
Pivot Breakout Retest Signals is a price action indicator that helps traders identify potential bullish and bearish retest opportunities around Classic Pivot Point levels.

The indicator calculates pivot levels from a selected higher timeframe (Daily, Weekly, or Monthly) and monitors price for breakout events followed by retests of those levels. When a valid retest is confirmed within the specified window, the script displays a Bullish or Bearish signal on the chart.

Features
• Classic Pivot Point calculation
• Daily, Weekly, or Monthly pivot timeframe selection
• Automatic breakout detection
• Retest confirmation logic
• Bullish and Bearish signal visualization
• Configurable retest window
• Alert support for signal events

How It Works

Bullish Conditions
1. Price breaks above a Pivot, R1, or R2 level.
2. The breakout is recorded.
3. Price retests the broken level within the user-defined retest window.
4. If price closes back above the level after the retest, a Bullish signal is generated.

Bearish Conditions
1. Price breaks below a Pivot, S1, or S2 level.
2. The breakdown is recorded.
3. Price retests the broken level within the user-defined retest window.
4. If price closes back below the level after the retest, a Bearish signal is generated.

Inputs
Pivot Timeframe
Select the timeframe used to calculate pivot levels:
• Daily
• Weekly
• Monthly

Retest Window
Determines how many candles are allowed between the breakout and the retest confirmation.

Alerts
The script includes built-in alert conditions:
• Bullish Alert
• Bearish Alert

Alerts can be used with TradingView's notification system or connected to external workflows.

Notes
• Pivot levels are calculated using completed higher-timeframe data.
• Signals are generated only after both breakout and retest conditions are satisfied.
• The indicator is intended as an analytical tool and may be combined with other forms of technical analysis.

Limitations

• Signals can occur during ranging or volatile market conditions.
• Not every breakout or retest will lead to sustained price movement.
• Additional confirmation methods may be useful depending on the market and trading style.