Hi all,

Here is one simple and powerful "indicator" (I'm not sure if this can be called indicator) I want to share that I coded a while ago, it's really useful for quickly identifying breakouts when looking at chart without too much clutter. It's an "MTF" indicator so it can look for breakouts of X bars from different timeframes as well (for example 5 min candle breakouts 20 day range).

Parameters:
Count is a bar range for example 20 means high/low of 20 last bars
Period is a period ie. 60 means 60 min, 1440 D1 and so on

When a breakout occurs (a price goes under period of X bars high/low) at some bar at some moment, it paints the bar green (breakout up) or red (breakout down).

Screenshot and indicator attached, enjoy!

Attached Images

breakout_bars.gif (20.4 KB, 1680 views)

Attached Files

mikko_breakout_bar.mq4 (2.3 KB, 668 views)