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Line Break Chart MT4

4.11

This indicator displays a Line Break chart in the main chart window.

To view the line break chart on its own, change the main chart window to display a Line Chart and then change the "Line chart" color to "None" in the F8 properties dialog. When scrolling, zooming in/out or changing the chart pair/timeframe, the indicator will resize the blocks on the next tick to fit the main chart viewing area.

Line Break charts were invented in Japan and are similar to Point & Figure and Renko charts. A Japanese trader described the three-line-break chart as a "more subtle form of point and figure charts where reversals are decided by the market and not by arbitrary rules." Line break charts ignore time and only change when closing prices move a certain amount. These charts show a series of vertical lines (or "blocks") of varying size (Renko uses a fixed block size). Green blocks (traditionally white) represent rising prices, red blocks (traditionally black) portray falling prices. Blocks continue in the same direction until a reversal is warranted.

A reversal occurs when the closing price exceeds the high or low of the prior "X" lines. Traditionally, 3 is used for "X"; this indicator allows you to use different amounts which gives you more flexibility in analyzing price action. There are numerous resources available on the WWW that describe how line break charts are constructed and how to use them.

Also (optionally) displayed is a "sequence frequency" histogram. The histogram shows the frequency distribution of the number of sequential highs and the number of sequential lows that have been generated over the past "X" direction changes. The histogram is a beneficial way of visualizing whether a pattern of consecutive highs or lows is dominant. The concept comes from the book "Sentiment Indicators" by Abe Cofnas.

Note:
  • Do not use standard/custom indicators with line break chart, those indicators are calculated using standard MetaTrader 4 history data and are not relevant to line break charts. The date/timestamp at the bottom of chart is not a reflection of actual time for each block.
  • MT4 Build 600 (or higher) is required.
Reviews 16
Thippeswamaiah Jmath J M
158
Thippeswamaiah Jmath J M 2022.10.04 08:04 
 

good

princezahid2010
492
princezahid2010 2022.02.15 02:19 
 

The author is a genius. This indicator is a total game-changer for level traders. Loved it. Really appreciate for sharing with us.

Yocrz
305
Yocrz 2020.12.23 10:16 
 

Thank you. A greatest Indicator. i love it. ^^

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Andriy Moraru
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Andriy Moraru 2024.02.08 09:59 
 

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Thippeswamaiah Jmath J M
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Thippeswamaiah Jmath J M 2022.10.04 08:04 
 

good

princezahid2010
492
princezahid2010 2022.02.15 02:19 
 

The author is a genius. This indicator is a total game-changer for level traders. Loved it. Really appreciate for sharing with us.

0060jose
14
0060jose 2021.05.26 01:38 
 

No sé acopla a mi estrategia. Aunque me parece útil para operar opciones binarias.

Yocrz
305
Yocrz 2020.12.23 10:16 
 

Thank you. A greatest Indicator. i love it. ^^

Richard Homer
86
Richard Homer 2020.01.09 13:49 
 

a GREAT indicator!! I would love to see alerts added to notify when the colour changes.

Ngoc Nguyen
536
Ngoc Nguyen 2019.03.31 00:37 
 

User didn't leave any comment to the rating

sunnychow
8902
sunnychow 2018.12.02 17:07 
 

User didn't leave any comment to the rating

Pit L.
205
Pit L. 2018.10.09 21:58 
 

Der Indikator funktioniert sehr gut. Die Funktion ist nicht so wie bei einem normalen Indikator. Jeder Trader sollte sich vor dem verwenden von diesem Preis-Anzeige-Indikator ein wenig über Renko Charts und Zeilenumbruch-Diagramm Charts informieren, um zu verstehen wie Der Indikator funktioniert und wie man das Diagramm richtig verwendet.

Ich selber arbeite niemals mit beiden Diagrammen zusammen. Ich persönlich arbeite Entweder nur mit dem Zeilenumbruch-Diagramm,oder mit dem normalen Chart.Ich habe niemals beide verschiedenen Charts geöffnet,für eine bessere Übersicht.

Matthew Todorovski
12938
Matthew Todorovski 2018.06.30 14:56 
 

User didn't leave any comment to the rating

Tim Eubanks
5762
Tim Eubanks 2018.03.21 04:42 
 

User didn't leave any comment to the rating

Gennadiy Voltornist
11909
Gennadiy Voltornist 2017.08.20 19:52 
 

User didn't leave any comment to the rating

Maksym Mudrakov
29611
Maksym Mudrakov 2016.08.30 17:39 
 

User didn't leave any comment to the rating

Claus Dietrich
24881
Claus Dietrich 2016.05.22 15:44 
 

good job, well done, I use it with the current daily Pivot-Line and Trend (12, exponential, price high)

Aleksei Mikhanoshin
2299
Aleksei Mikhanoshin 2015.09.12 11:48 
 

User didn't leave any comment to the rating

Vadim Strelkov
7710
Vadim Strelkov 2014.05.06 14:22 
 

User didn't leave any comment to the rating

Reply to review
Version 1.5 2020.04.22
- Fixed calculation bug were reversal price was incorrect when the number of consecutive blocks in same direction
after a direction change equaled the number of lines needed for a break.
- Fixed calculation bug when three or more consecutive single blocks (flip-flops) formed.
- Fixed drawing bug where three or more consecutive single blocks (flip-flops) formed.
- Added alerts for direction changes (Bullish-to-Bearish and vice-versa).
Version 1.4 2017.07.12
Fixed problem where indicator intermittently stopped painting new blocks.