RobotFX curates the best open-source MetaTrader code to inspire your trading automation.
The indicator implements a breakthrough system using a channel drawn on extrema for a period.
When price exits the gray channel, the candlestick color changes to the color corresponding to trend direction. Blue for the growth of a financial asset, pink 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.
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Figure 1. The PChannel_System indicator
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