The indicator implements a breakthrough system using the Color_PEMA_Envelopes_Digit channel.
When price exits the gray channel, the candlestick color changes to the color corresponding to trend direction. Aquamarine is used for the growth of a financial asset, yellow color means 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 indicator uses the SmoothAlgorithms.mqh library classes (copy it to <terminal_data_folder>\MQL5\Include). The detailed description of the classes is available in the article Averaging Price Series for Intermediate Calculations Without Using Additional Buffers.
Fig. 1. Color_PEMA_Envelopes_Digit_System
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/18656
The indicator implements a breakthrough system using the Color_QEMA_Envelopes_Digit channel.Zigzag2_R_channel
A channel based on peaks and troughs of the Zigzag2_R_Color indicator.