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Breakout Distance - Donchian channel with distance-to-trigger panel in ATR units - indicator for MetaTrader 5
- Custom EA development from your strategy rules (any indicator combination, entry/exit logic, money management)
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Most channel indicators tell you where the breakout level is. This one tells you how far away from it you are, right now, in a form you can act on.
The panel shows, for both the upper and the lower channel edge:
- the level itself
- the distance from the current price, in the symbol's own price units
- the same distance expressed in ATR units
- a proximity bar that fills as price approaches the trigger
Why the ATR column matters. A distance of 8 dollars from a breakout means something completely different in a quiet Asian session than it does during a news release.
Dividing the distance by the current ATR makes the number comparable across sessions, across volatility regimes and across symbols. A reading of 0.30 ATR means the same thing on gold as it does on EURUSD.
Colour coding:
- normal text : more than InpNearATR away (default 1.0 ATR)
- gold : within InpNearATR
- orange red : within InpVeryNearATR (default 0.5 ATR)
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