This indicator displays breakouts on Point-And-Figure-like or Kagi-like custom symbol charts, generated by special expert advisers, such as PointFigureKagiCharts.
This indicator is applicable only for custom instruments generated in appropriate way (with time-invariant bars which are multiples of a predefined box size). It makes no sense to apply it to other charts.
- a horizontal level based on equal consecutive tops or bottoms;
- a diagonal based on gradually increased bottoms or decreased tops;
- Order - the number of nearby extremums on the imaginary line, required to detect a breakout; for example, value 3 means "triple" breakout, that is 2 tops/bottoms with retracement are searched to the left of the current bar, and on the 3-rd touch of the level (if it's occured), the breakout is detected; value 2 (minimal allowed) means "double" breakout, that is breakout on the 2-nd touch of the extremum line;