Line Break Chart Indicator
Info
The Line Break Chart Indicator is a Indicator for MetaTrader 5 that this indicator is inspired by steve nison's book 'beyond candlesticks'. Unlike standard linear reversal charts, it is designed to be drawn on the main window of the current chart, considering the selected timeframe.
Usage
This tool is typically used for enhancing chart analysis and decision making.
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 Line Break Chart 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 inspired by Steve Nison's book 'Beyond Candlesticks'.
Typical Use Case
This Indicator excels in automated trading and technical analysis 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: Mediana Trendline: MTF Parallel Channel Indicator - another powerful indicator for MetaTrader 5 traders.
This indicator is inspired by Steve Nison's book 'Beyond Candlesticks'. Unlike standard linear reversal charts, it is designed to be drawn on the main window of the current chart, considering the selected timeframe.Also recommended: Session-Based Liquidity Breakout Strategy - similar indicator with strong performance on MetaTrader 5.
A unique feature is the introduction of an extra parameter for the minimum box size, excluding reversal boxes. This customization sets it apart from traditional Renko charts.
To optimize performance, the indicator draws boxes as objects without utilizing indicator buffers, and includes a parameter to set the starting date for calculations, ensuring the terminal isn't overloaded. The minimum date supported is 2001.01.01.
An additional indicator buffer, seriesbuffer, records the number of boxes on each bar, enabling Expert Advisors to access this data. The buffer value is positive during an uptrend and negative during a downtrend.
Example settings:
- Number of reversal lines = 3, minimum box size = 0.
- Number of reversal lines = 2, minimum box size = 200 pips.
Recommendations:
- When using on M1, avoid setting the starting date too far back; a few months is optimal. For H1 and higher timeframes, you can set the starting date to the minimum date of 2001.
You may also like: Breakout Distance - Donchian Channel with Distance-to-Trigger Panel in ATR Units - 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 1
#property indicator_plots 1
#property indicator_label1 "series"
#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.