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Breakout bars indicator
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! Last edited by mikkom; 04-28-2008 at 02:49 PM. |
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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 |
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Quote:
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) ![]() |
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Quote:
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. Last edited by mikkom; 04-28-2008 at 06:05 PM. |
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thanks mikkom for ur answer...
__________________
limestreamx@yahoo.com.sg |
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