In trading systems, based on the channel breakout, the long position is opened when the price shows new X days maximum, and short position is opened when the price forms new X day minimum. It allows to forecast the trend direction. But there is a problem – very often trend detected with a lag and the most of the profit is lost.
The HighestLowestRange (HLR) indicator helps to resolve the market entry problem before the channel breakout. The MPC indicator plots a simple channel using extermums of the specified period. It can be used for additional visual control of trading system (channel breakout), based on HighestLowestRange (HLR) indicator
This indicator was first implemented in MQL4 and published in Code Base at mql4.com 25.01.2007.
