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Breakout Trend Lines

The indicator draws lines based on the price Highs and Lows, as well as slant trend lines. Break through the trend line, 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). This indicator is easy to use, but nevertheless, there are many trading strategies, which are based on a breakthrough of the trend lines. The number of candlesticks used to determine the trend lines, as well as High and Low of the trading range can be adjusted.


Parameters

  • TradingRange - number of bars of the trading range used to define Highs and Lows;
  • Distance - minimum distance from one High (or Low) to another when constructing trend lines;
  • Shift - shift relative to the trade range to determine the breakthrough;
  • EnableAlert - enable/disable alerts (true - enabled)
  • TrendLinesColor - color of the trend lines.
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