Breakout bars indicator - page 3
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Hi,
is it possible to code it for back testing?
I notice that every time you update it start fresh all over.
It will help because it is a great tool for scalping.
Best regards
8021
Tx in advanceOld question but if you want to see the lines where the breakout happens, I suggest finding some donchian channel (price channel) indicator, there are several at this board.
Classy tools
Hi all,
Here is one simple and powerful "indicator" (I'm not sure if this can be called indicator) I want to share that I coded a while ago, it's really useful for quickly identifying breakouts when looking at chart without too much clutter. It's an "MTF" indicator so it can look for breakouts of X bars from different timeframes as well (for example 5 min candle breakouts 20 day range).
Parameters:
Count is a bar range for example 20 means high/low of 20 last bars
Period is a period ie. 60 means 60 min, 1440 D1 and so on
When a breakout occurs (a price goes under period of X bars high/low) at some bar at some moment, it paints the bar green (breakout up) or red (breakout down).
Screenshot and indicator attached, enjoy!Mikko,
I am an admirer of all your indicators. They are clean and simple to understand. I use MT4 indicators as information tools and not for generating signals. I think you understand this style.
your info tool is undoubtedly the best. If you can have some more statistics included it will be better. Like if it can display Open-Close and High-low of the period in pips it will be excellent. This tool helps in getting rid of fear when one realises the weekly movement from open to close is not that high compared with high-low and it can help plan stop loss and entries.
some kind of box giving daily, weekly, 2 weeks, 4 weeks, 3 months, six months and one year percentage change (in pips) will be extremely useful.
I now use your three tools, breakout candles, info , mtf-candles, CJA's high-low bar plus his other tools of multipivots, multifibos and barry's support and resistance for my trading.
Thank you again for developing nice, clean and user-friendly tools.
PJ
Thank you again for developing nice, clean and user-friendly tools.
No prob, I'll develop them for myself for my trading so it's not really that big deal to release them for other people to use.
Meanwhile, here is the latest version of info indicator if anyone is interested (no ranges or such, just some order information in better format + spread)
Dear mikkom ,
mikko_breakout_bar powerful is so powerful .If there is an alert when the colour changes,will be more usefull for me.Can you and an alert for it?
Thank you .
best wishs.
Anyone who can and an alert to this indicator?
i'm still unclear about the rules. should i buy whenever the green CS appear and sell whenever the red CS appear? what is the recommended TP? tq in advance
Is there an ea for this breakout indicator ?
mikko_breakout_bar need alert
To xx3xxx
Do you ever read your comments before you post them?You seriously need help and attention!The name of the topic is ''Breakout bars indicator'' and the author posted the indicator and the chart in the first page!Your comments are becoming increasingly annoying.You either read and listen others or when you post something ,make some sense!
Green or red bar is a signal for breakout, not much else. Some breakouts are good trend signals while others are just false breakouts that don't necessarily mean anything but IMHO breakouts when used well are very powerful tools. One of the reasons is that people tend to put their stops above the peaks therefore a small breakout could hit them and cause trend change (or continuation depending on a situation). I don't believe in overly simplistic view on trading so breakout really is just a breakout for me - what happens after the breakout tells much more than the actual breakout. 20 day breakout is "the classic" trend signal so you might want to try to use that if you want to look some particular breakout.
Mikkom,
I have read all your posts and use all your indicators. I am a retired business consultant and earlier I was a financial journalist. Your indicators are something I can relate easily without getting affected by TA noise and colorful visuals. your indicators are well though-out and look neat.
PJ