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2016.02.01 09:10
Indicators

Stowell's Three-Bar Net Line - indicator for MetaTrader 4

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3cline.mq4 (8.51 KB)view
3clinetf.mq4 (4.94 KB)view

The indicator plots two Stowell patterns on the right edge of the chart: upper and lower. A breakout of the three candle line means (by Stowell) a change in the trend.

Both files must be compiled. Only the second file is attached to the chart (3clinetf.mq4).

Input Parameters:

  • The BreakOnly=false parameter means that any formed patterns will be plotted (fig. 1).
  • The BreakOnly=true parameter means that only the formed patterns, that had a breakout, will be plotted (fig. 2).

This is a multi-timeframe indicator. The timeframe is specified by TF (TF=0 means the timeframe of the current chart).

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/13438

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