MetaStock -> Tools -> Indicator Builder -> New
Copy and paste formula below.


================
Breakout signals
================
---8<---------------------------

{ Plots breakout long/short signals }
{ http://www.metastocktools.com }
{ With thanks to Roy Larsen for Init idea }

pds1:=Input("HHV (long) breakout periods",
1,252,21);
pds2:=Input("LLV (short) breakout periods",
1,252,10);
display:=Input("display:  signals=1,  in-trade binary=2",1,2,1);
x:=Input("use Open=1 High=2 Low=3 Close=4 Volume=5 P=6",1,6,4);
delay:=Input("Entry and Exit delay",0,3,0);

x:=If(x=1,O,If(x=2,H,If(x=3,L,If(x=5,V,If(x=6,P,C)))));
In:=x>Ref(HHV(x,pds1),-1);
Out:=x<Ref(LLV(x,pds2),-1);

Init:=Cum(In+Out>-1)=1;
InInit:=Cum(In)=1;
Flag:=BarsSince(Init OR In)
 < BarsSince(Init OR Out)+InInit;
In1:=Cum(Cum(In))=1;
Out1:=Cum(Cum(Out))=1;

If(display=1,Ref(Cum(Cum(In))=1,-delay),0);
If(display=1,-Ref(Out1 AND
 BarsSince(In1)>=BarsSince(Out1),-delay),0);
If(display=1,Ref((InInit AND Alert(InInit=0,2)
  OR Flag AND Alert(Flag=0,2))
   -(Flag=0 AND Alert(Flag,2)),-delay),Flag)

---8<---------------------------



MetaStock -> Tools -> The Explorer -> New
Copy and paste formulae below.


================
Breakout signals
================
Signals a Buy Long on price breakout

Exploration filter
==================
---8<---------------------------

pds1:=21; {HHV (long) breakout periods}
pds2:=10; {LLV (short) breakout periods}
x:=4;   {use Open=1 High=2 Low=3 Close=4 Vol=5}

x:=If(x=1,O,If(x=2,H,If(x=3,L,If(x=5,V,C))));
In:=x>Ref(HHV(x,pds1),-1);
Out:=x<Ref(LLV(x,pds2),-1);

Init:=Cum(In+Out>-1)=1;
InInit:=Cum(In)=1;
Flag:=BarsSince(Init OR In)
 < BarsSince(Init OR Out)+InInit;
BuyLong:=InInit AND Alert(InInit=0,2)
  OR Flag AND Alert(Flag=0,2);

BuyLong

---8<---------------------------


===============
Breakin signals
===============
Signals a Sell Long on price collapse

Exploration filter
==================
---8<---------------------------

pds1:=21; {HHV (long) breakout periods}
pds2:=10; {LLV (short) breakout periods}
x:=4;   {use Open=1 High=2 Low=3 Close=4 Vol=5}

x:=If(x=1,O,If(x=2,H,If(x=3,L,If(x=5,V,C))));
In:=x>Ref(HHV(x,pds1),-1);
Out:=x<Ref(LLV(x,pds2),-1);

Init:=Cum(In+Out>-1)=1;
InInit:=Cum(In)=1;
Flag:=BarsSince(Init OR In)
 < BarsSince(Init OR Out)+InInit;
SellLong:=Flag=0 AND Alert(Flag,2);

SellLong

---8<---------------------------


http://www.metastocktools.com