Real author:

StatBars TO

The indicator implements a breakout system using a channel based on the High and Low price series processed by the algorithm of Volume_Weighted_MA_Digit.

When price exits the gray channel, the bar color changes to the color corresponding to trend direction. Green for the growth of a financial asset, red color - fall. Bright colors denote coincidence of trend direction and direction of a candlestick. Dark colors correspond to the situation when the direction of a candlestick is opposite to trend.

The price labels indicate the most recent values of the channel, used as the breakout levels.

Fig.1. The Volume_Weighted_MA_Digit indicator