MT5 BreakoutBarsTrend indicator
MT5 BreakoutBarsTrend indicator is a trend filter Forex and is a modification of the traditional Moving Average.
In its work the BreakoutBarsTrend indicator is built on top of the candlestick bars chart, making them differently colored depending on what readings are given by the moving average. If the trend is downtrending, it has a red-yellow coloring, if it is ascending, then it is blue-gray. The pivot parameter is the distance from the high and low prices of the indicator to the muvinge.
In addition, a breakout bar is used to determine the reversal point, i.e. the one with the price low below the previous candle for a downtrend, or high above the previous one for an up-trend. The more breakout bars there are in a series, the stronger trend, the SeriesBuffer parameter specifies this number.
Using MT5 indicator BreakoutBarsTrend
MT5 BreakoutBarsTrend indicatorAccording to ForTrader.org magazine, it can be used both in a trading strategy with other filters and on its own, well defining the flat state of the market, after which the trend begins.
