The idea is rather simple. If high of the current bar is higher than high of the previous bar, and close of the current bar is lower than high of the previous bar, it is considered as a false breakthrough up. Correspondingly, if low of the current bar is lower than low of the previous bar and close of the current bar is higher than low of the previous bar, we have a false breakthrough down.
There are situations when in one bar will be two false breakthroughs – if the bar is an external in relation to the previous bar, and its close is in the previous bar’s range. The indicator displays:
- the number of false breakthroughs up (blue line).
- the number of false breakthroughs down (red line).
- the total number of false breakthroughs (orange line).
The essence is that if, for example, on the last five bars were 3 (or more) false breakthroughs, then, most probably, the next breakthrough high or low (the previous bar) will be true.
MT5 Indicator – Download Instructions
False Breakouts Counter is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
False Breakouts Counter provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install False Breakouts Counter.mq5?
- Download False Breakouts Counter.mq5
- Copy False Breakouts Counter.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on False Breakouts Counter.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator False Breakouts Counter.mq5 is available on your Chart
How to remove False Breakouts Counter.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: