Breakout Bars Trend v2 – indicator MetaTrader 5

The indicator is an alternative to МА and other trend indicators, does not use Moving Averages and periods reacting only on the price movements. Delta as the reversal parameter, is not deposited on close price but the extremums, i.e. high and low. At the same time the condition of the turn is not only the delta but the breakthrough bar, i.e. breakthrough of a certain price level. Under the breakthrough bar (the bar with the “pure” closing) means the bar which closing is above high or below the previous bar’s low. Isolation of these bars is like the appearance of a new box on the charts of (three) linear reversal.

New functional:

• definition of the reversal parameter as in pips, so in percentage
  
• enable / disable the reversal levels display
  
• enable / disable the last trends information display
  
• when displaying the latest data not only the number of the breakthrough bars of the previous trends, but their size in pips (from the price of the first bar to the close price of the next trend) are displayed

Parameters:

• Reversal – reversal calculation mode (in pips / percentage)
• Delta – the minimum distance for trend change. Parameter is the same as for pips, so for percentage. If the reversal mode is selected in pips, set pips in this parameter. If the reversal mode is in percentage then put percentages. 
• Display reversal levels – enable (true) / disable (false) reversal levels.
• Display info about trends – enable (true) / disable (false) display of the information of the last n trends . As the number of breakthrough bars on each trends, so distance in pips from the reversal to reversal will be displayed. The information displayed as comments on the left upper corner of the chart.
  
• Number of trends – the number of the last trends to display. It makes sense only if the previous parameter is equal to true.

The Breakout Bars Trend v2 indicator with 1% delta:

Recommendations:

• The main purpose is the definition of the trend direction which involves the use of other settings to determine the input/exit points.
• It can be used independently. For instance: if the last 3-4 series include no more than 1-3 breakthrough bars, or the last 3-4 trends have the negative size, it speaks of the flat market without definite direction after which most probably the “long” trend occurs.

Attention:

To a correct display of the indicator go to the properties of the chart (F8) – General and uncheck mark from the “Chart above” parameter.