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Break Lines

The indicator draws lines the the price highs and lows. Break through the high or low usually indicates trend change (or continuation). Once the price moves through a line, and the candlestick closes, the indicator draws an appropriate arrow (also, you can enable alerts). A deal should be conducted in the breakthrough direction immediately or after a slight rollback. It is best to trade following the trend on a larger timeframe. This indicator is easy to use, but nevertheless, there are many trading strategies, which are based on a breakthrough of the trading range.

The number of candlesticks used to determine the high and low of the trading range can be adjusted.

The following Expert Advisors are based on this indicator: Breakout Line and Breakout and pullback


Parameters

  • Trading range - number of bars of the trading range used to define highs and lows;
  • Shift - shift relative to the trade range to determine the breakthrough;
  • EnableAlert - enable/disable alerts (true - on).
Maksym Mudrakov
10485
2016.08.30 19:22 
 

User didn't leave any comment to the rating

Aravind
1454
2016.08.20 20:00 
 

User didn't leave any comment to the rating

11129202
46
2016.06.24 03:18 
 

great indictor thankyou

Version 1.1 - 2016.08.23
Improved message: now it shows the currency pair and the timeframe on which the line was broken through.