Well with the ability of cut 'n' paste and a few little additions i added i think i have come up with something that i was after. Im sure there are other people out there that could completely refine the indicator attached but it does have good potential.
Essentially the indicator will show areas of consolidation and hopefully give good idea that a breakout will occur very soon. I have run some visual back tests and it is quite promising.
I originally got the idea from DIBS, but thought that there would be a better way to visually define a breakout with less discretion
Anyways, will leave it in the hands of you guys and hopefully you will see what im getting at.
height - maximum distance in pips from a bars high and low
distance - amount of time (previous bars) that were within the height threshold
Im sure you will find errors, im a complete novice but its the best i could do.
Enjoy
Essentially the indicator will show areas of consolidation and hopefully give good idea that a breakout will occur very soon. I have run some visual back tests and it is quite promising.
I originally got the idea from DIBS, but thought that there would be a better way to visually define a breakout with less discretion
Anyways, will leave it in the hands of you guys and hopefully you will see what im getting at.
height - maximum distance in pips from a bars high and low
distance - amount of time (previous bars) that were within the height threshold
Im sure you will find errors, im a complete novice but its the best i could do.
Enjoy
Attached File(s)
Breakout.mq4
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1,280 downloads
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