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.
- 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).