Breakout Bars Trend Indicator
Info
The Breakout Bars Trend Indicator is a Indicator for MetaTrader 5 that this indicator is designed as an alternative to moving averages (ma) for determining trend direction, combining elements of a linear reversal and the imovment indicator. Unlike the iMovment indicator, the delta (reversal parameter) is calculated based on the extremums (high and low) rather than the close price.
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
This indicator is designed as an alternative to Moving Averages (MA) for determining trend direction, combining elements of a linear reversal and the iMovment indicator.
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.
This indicator is designed as an alternative to Moving Averages (MA) for determining trend direction, combining elements of a linear reversal and the iMovment indicator. Unlike the iMovment indicator, the delta (reversal parameter) is calculated based on the extremums (high and low) rather than the close price.Also recommended: Breakout Distance - Donchian Channel with Distance-to-Trigger Panel in ATR Units - similar indicator with strong performance on MetaTrader 5.
The indicator identifies trend reversals through a unique condition: the breakthrough bar. A breakthrough bar is defined as a bar with a 'pure' closing, where the closing price is above the high or below the low of the previous bar. This concept is similar to the formation of a new box on the charts of a three-linear reversal.
A series buffer is implemented to record the number of breakthrough bars for each trend at any given moment, allowing Expert Advisors to access this data. Additionally, the indicator can display the count of breakthrough bars for the most recent reversals.
Usage Recommendations:
- The primary application is to establish the trend direction, requiring additional settings for precise entry/exit points.
- It can be used independently to identify market conditions. For example, if the last 3-4 series have 1-3 or fewer breakthrough bars, it suggests a flat market with no clear direction, often followed by a 'long' trend. In the provided image, we observe series of -2, 3, and -3, followed by a trend with 20 breakthrough bars, resulting in approximately 6000 pips until the next turn. The reversal parameter in this example is set to 1500.
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 6
#property indicator_plots 2
#property indicator_label1 "series values"
#property indicator_type1 draw_none
#property indicator_color1 clrnone.......
⚠ 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.