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- Published:
- 2016.10.10 14:35
- Updated:
- 2023.03.29 13:47
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The indicator implements a breakout system using a channel based on the High and Low price series processed by the algorithm of JFatl_Digit.
When price exits the gray channel, the bar color changes to the color corresponding to trend direction. Blue for the growth of a financial asset, red color - fall. Bright colors denote coincidence of trend direction and direction of a candlestick. Dark colors correspond to the situation when the direction of a candlestick is opposite to trend.
The price labels indicate the most recent values of the channel, used as the breakout levels.
The indicator uses SmoothAlgorithms.mqh library classes (copy it to <terminal_data_folder>\MQL5\Include). The use of the classes was thoroughly described in the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
Fig.1. The JFatl_Digit_System indicator
Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/15878
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