Measures the length of the selected movement in points.
It is designed to measure the average typical movement, which allows estimating the size of the movement expected after a signal.
The market often moves in one direction in movements of approximately the same length (if such a pattern is currently present). By measuring the length of such movements, one can understand how many points the expected movement will last after a signal.
This gives an insight into the ratio of the stop loss to the possible profit and allows refraining from opening positions with a known small expected profit.
Or, if the movement is under way, by comparing it with the size of typical movements (how much the price usually passes) it is possible to estimate a point where closing a position is the most reasonable due to a possible: rollback/retracement/reversal.
This indicator will also be useful if you need to measure the length of any movement of the length of a large number of movements and to see this information on the screen.
- Move_to_create_buttons - color of the text, which indicates where the buttons are to be created.
- BUTTON_OFF - color of buttons.
- BUTTON_ON - color of buttons in pressed state.
- background_BUTTON - background of the buttons (by default, the same as chart background).
- Line - color of the measuring line.
- Line_Style - style of the measuring line.
- Text_Down - color of the text for downward movement.
- Text_Up - color of the text for upward movement.
- Font_Size - font size of the text that indicates points.