Breakout Bars Trend Indicator
Info
The Breakout Bars Trend Indicator is a Indicator for MetaTrader 5 that the breakout bars trend indicator offers an innovative approach to trend analysis, providing an alternative to traditional moving average (ma) indicators. It operates solely based on price movements without relying on moving averages or periods.
Usage
This tool is typically used for breakout trading when price moves beyond key support/resistance levels.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Breakout Bars Trend Indicator
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.
What this tool does
The Breakout Bars Trend indicator offers an innovative approach to trend analysis, providing an alternative to traditional moving average (MA) indicators.
Typical Use Case
This Indicator excels in trend following on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Session-Based Liquidity Breakout Strategy - another powerful indicator for MetaTrader 5 traders.
The Breakout Bars Trend indicator offers an innovative approach to trend analysis, providing an alternative to traditional moving average (MA) indicators. It operates solely based on price movements without relying on moving averages or periods.Also recommended: Breakout Distance - Donchian Channel with Distance-to-Trigger Panel in ATR Units - similar indicator with strong performance on MetaTrader 5.
This indicator introduces a unique concept by utilizing delta as a reversal parameter, which is not applied to the close price but rather to the extremums, specifically the high and low values. The indicator identifies trend reversals through a combination of delta and breakthrough bars, where a breakthrough bar is defined as a bar with a 'pure' close that exceeds the high or falls below the low of the previous bar.
New Functionalities:
- Reversal Parameter Definition: Specify the reversal parameter in pips or percentage.
- Reversal Levels Display: Enable or disable the display of reversal levels.
- Last Trends Information: Show or hide information about the latest trends, including the number of breakthrough bars and the distance in pips between reversals.
- Enhanced Data Display: When displaying recent data, the indicator provides the size of previous trends in pips, calculated from the first bar's price to the next trend's close price.
Parameters:
- Reversal: Choose the reversal calculation mode, either in pips or percentage.
- Delta: Set the minimum distance for trend changes. The value can be specified in pips or percentage, depending on the selected reversal mode.
- Display Reversal Levels: Enable (true) or disable (false) the display of reversal levels.
- Display Info About Trends: Enable (true) or disable (false) the display of information about the last N trends, including breakthrough bar counts and pip distances between reversals.
- Number of Trends: Specify the number of recent trends to display, relevant only if the previous parameter is set to true.
Breakout Bars Trend v2 Indicator with 1% Delta:
Recommendations:
- The indicator is designed to identify the trend direction, and it is recommended to use additional settings for precise entry/exit points.
- It can be used independently to analyze market conditions. For example, if the last 3-4 series contain a small number of breakthrough bars or show negative sizes, it suggests a flat market, potentially followed by a significant trend.
Note:
For accurate indicator display, access the chart properties (F8) - General and uncheck the 'Chart Above' parameter.
You may also like: Asian Session Breakout - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_chart_window
#property indicator_buffers 8
#property indicator_plots 4
#property indicator_label1 "bbt values"
#property indicator_type1 draw_none
#property indicator_color1 clrred.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.