It is written by Steve Nison book “Beyond Candlesticks”. Despite of the standard charts of the linear reversal it is drawn not on the separate but the main window over the current pair of the chart and considering timeframe. Besides, the extra parameter of the minimum size of the box (not considering reversal boxes) is added that makes this indicator similar but not identical to renko-charts.
As far as the boxes are drawn without using the indicator buffers and are the objects, in order not to overload the terminal the parameter of starting date for calculation of the indicator is added (the minimum date is 2001.01.01).
Another detail is the added SeriesBuffer indicator buffer that holds the number of boxes on each bar in order to receive the given value in the Expert Advisors. When up trend the buffer value will be positive, when down trend it will be negative.
MT5 Indicator – Download Instructions
LineBreakOnChart is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
LineBreakOnChart 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 LineBreakOnChart.mq5?
- Download LineBreakOnChart.mq5
- Copy LineBreakOnChart.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 LineBreakOnChart.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator LineBreakOnChart.mq5 is available on your Chart
How to remove LineBreakOnChart.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: