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, 1580 views)

Attached Files

mikko_breakout_bar.mq4 (2.3 KB, 612 views)

good staff, Mikko!
nice and clean

okey mikkom let say the bar is green that should be a breakout right? can i open long then? or we must look for other indic for trend continuation? thanks in advance

__________________
limestreamx@yahoo.com.sg

Thank you mikkom, good stuff indeed.

hi..newbie here..
its very good idea..i try to code a simple ea from this indi..the result very interesting..heheh..thanks mikkom..(sorry for my poor english)

this script is so useful, thanks a million for the post.

ed

Green or red bar is a signal for breakout, not much else. Some breakouts are good trend signals while others are just false breakouts that don't necessarily mean anything but IMHO breakouts when used well are very powerful tools. One of the reasons is that people tend to put their stops above the peaks therefore a small breakout could hit them and cause trend change (or continuation depending on a situation). I don't believe in overly simplistic view on trading so breakout really is just a breakout for me - what happens after the breakout tells much more than the actual breakout.

20 day breakout is "the classic" trend signal so you might want to try to use that if you want to look some particular breakout.

Works good on EURGBP 5-MIN!!

Dave
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thanks mikkom for ur answer...

__________________
limestreamx@yahoo.com.sg

thanks mikkom for good indi..