An interpretation of Stieve Nisson's 'Three Line Break' strategy. Levels are determined by the closing prices. Blue lines denote support, red - resistance, dotted lines - candidates.
The parameter of the LB indicator sets the number of levels for a breakthrough. After a certain number of points, the lines of the levels on the specified timeframe are trailed. Only levels of a higher timeframe are shown on the chart.
This indicator was first implemented in MQL4 and published in Code Base at mql4.com on 07.11.2008.
Figure 1. The SR_TLB indicator
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/1753
The volatility meter with the indication in the form of a colored cloudMQL4 to MQL5 compatibility library
Version 1.2 - MQL5\Include\mql4compat.mqh