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Three Line break chart is a type of chart used in technical analysis of stock and currency markets.
The advantage of this indicator is that it does not take time into account in its readings, only price changes are taken into account. Classic methods of technical analysis are applied to the chart of a three-Line breakout: building trend lines, support and resistance. The indicator was written to determine the direction of price movement. It is important to note! The three Line Break chart indicator does not take time into account! Indicator candles show the trader only real price movements, filtering out the flat. The indicator is not interchangeable when searching for global trends in financial instruments!
The chart uses data from the minimum, maximum, and close of the last period. The blue band indicates growth, the red band indicates a fall in price
The closing price of the previous period is compared with the high and low of the previous period.
The indicator does not trade automatically, so the yield depends on the knowledge and skills of the trader.
Use the indicator in conjunction with your trading strategy
Version 17.5 - 2017.05.11
Improved display of lines.
Minor fixes in the code.
The archive contains a file:
VR Break Charts.ex4 for Metatrader 44
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The indicator solves the problem of synchronization of graphical objects in different windows of the MetaTrader terminal. Now the trader does not need to draw and adjust the trend lines in each chart window, just draw one line and it will be copied to all the chart windows at once.