The indicator implements a breakout system using a channel based on the High and Low price series processed by the algorithm of Volume_Weighted_MA_Digit.
When price exits the gray channel, the bar color changes to the color corresponding to trend direction. Green 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.
Fig.1. The Volume_Weighted_MA_Digit indicator
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/15879
The indicator implements a breakout system using a channel based on the High and Low price series processed by the algorithm of JFatl_Digit.Volume_Weighted_MACandle
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