Breakout Bars Trend
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Breakout Bars Trend
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
It is created as an alternative to MA to determine trend direction and is a kind of "hybrid" of a linear reversal and the iMovment indicator (). The difference of the last is that the delta (the reversal parameter) is not plotted based on the close price, but exactly the extremums, i.e. high and low. At the same time the condition of the reversal is not only the delta but the breakthrough bar, i.e. breakthrough of a certain price level. Under the breakthrough bar (the bar with the "pure" closing) means the bar which closing is above high or below the previous bar's low. Isolation of these bars like the appearance of a new box on the charts of (three) linear reversal.
The SeriesBuffer buffer is added to the indicator on which the number of breakthrough bars of each trend in every moment is written so that the Expert Advisor can get this data. Besides the indicator can display the number of the breakthrough bars for the several last reversals.
Recommendations:
The main purpose is the definition of the trend direction which involves the use of other settings to determine the entry/exit points.
It can be used independently. For instance, if the last 3-4 series include no more than 1-3 breakthrough bars it speaks of the flat market without definite direction after which most probably the "long" trend appears. In the image above in the upper left corner we see -2, 3, -3 series after which trend with 20 breakthrough bars is created (about 6000 pips to the next turn). The parameter of a reversal in the given example is 1500.
