1M Scalp Setup – 2ndHi/2ndLo Breakout

1M Scalp Setup – 2ndHi/2ndLo Breakout

This script is designed for 1-minute chart scalpers seeking high-probability intraday breakout setups based on early session price action. The strategy revolves around identifying the first high and low of the day, and then detecting the second breach (2nd high or 2nd low) to anticipate breakout entries.

🔍 Core Logic:
EMA Filter: A configurable EMA (default 8-period) is plotted for trend context.

1st High/Low Detection: Captures the very first high and low of each trading day.

2nd High/Low Markers: Identifies the second time price breaks the initial high or low, acting as a potential signal zone.

Breakout Signals:

A Buy Signal is triggered when price closes above the 2nd high.

A Sell Signal is triggered when price closes below the 2nd low.

Each signal is only triggered once per day to reduce noise and avoid overtrading.

🖌️ Visual Markers:
1stHi and 1stLo: Early session levels (red and green).

2ndHi and 2ndLo: Key breakout reference points (purple and blue).

B and S Labels: Buy and Sell triggers marked in real-time once breakouts occur.

⚙️ Inputs:
EMA Length (default: 8)

Customizable Colors for Buy/Sell signals and key markers

This tool is best used in fast-moving markets or during high-volume sessions. Combine with volume or higher-timeframe confirmation for improved accuracy.