Breakout Detection using EMAs and Mansfield Relative Strength

This script identifies breakout opportunities based on a combination of price action, volume, and relative strength. It is designed for daily timeframe charts and helps traders pinpoint strong bullish setups with the following criteria:

• Price Action: Stock price is above both the 10-day EMA and 5-week EMA.
  
• EMA Trends: The 10-day EMA is above the 20-day EMA, and the 5-week EMA is above the 10-week EMA, confirming bullish momentum.
  
• Customizable Parameters: Customize the index for the Mansfield Relative Strength, the volume multiplier, and the price breakout look-back period.
  
• Price Breakout: The price is at a 3-month high, indicating strength.
  
• Volume Breakout: A volume spike occurs, surpassing the 20-day average volume by a user-defined multiplier.
  

Features:
Generates clear breakout signals with a green triangle below the bar.
Integrated Mansfield Relative Strength for relative performance analysis.
Alerts for when all conditions are met, ensuring you never miss an opportunity.

How to Use:

1. Add this script to a daily chart of your chosen stock.
   
2. Look for green triangle signals indicating a potential breakout.
   
3. Adjust the parameters to suit your trading strategy and preferred index for the Mansfield Relative Strength.
   

This tool is ideal for swing traders looking to combine technical analysis with relative strength metrics for high-conviction bullish setups.