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2012.12.10 09:36
Indicators

Breakout Bars Trend - indicator for MetaTrader 5

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It is created as an alternative to MA to determine trend direction and is a kind of "hybrid" of a linear reversal and the iMovment indicator (https://www.mql5.com/en/code/99). The difference of the last is that the delta (the reversal parameter) is not plotted based on the close price, but exactly the extremums, i.e. high and low. At the same time the condition of the reversal is not only the delta but the breakthrough bar, i.e. breakthrough of a certain price level. Under the breakthrough bar (the bar with the "pure" closing) means the bar which closing is above high or below the previous bar's low. Isolation of these bars like the appearance of a new box on the charts of (three) linear reversal.

The SeriesBuffer buffer is added to the indicator on which the number of breakthrough bars of each trend in every moment is written so that the Expert Advisor can get this data. Besides the indicator can display the number of the breakthrough bars for the several last reversals. 

Breakout Bars Trend


Recommendations:

  • The main purpose is the definition of the trend direction which involves the use of other settings to determine the entry/exit points.
  • It can be used independently. For instance, if the last 3-4 series include no more than 1-3 breakthrough bars it speaks of the flat market without definite direction after which most probably the "long" trend appears. In the image above in the upper left corner we see -2, 3, -3 series after which trend with 20 breakthrough bars is created (about 6000 pips to the next turn). The parameter of a reversal in the given example is 1500.

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/1144

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