FlexBox indicator (FlexBox indicator) | Foreign exchange indicator download- MT4/MT5 resources
I have been interested in breakout strategies for some time. I like them because they are price driven, with little or no lag, and reflect the reality of the market - there are trends and periods of relative inactivity between trends, during which prices don't move up or down much. Many popular strategies are developed using boxes and breakouts (Big Ben comes to mind), in fact my main trading strategy is based on daily highs and lows, which for all practical purposes is a box.
I developed the FlexBox indicator to exploit breakouts in a more flexible way without assuming that the "box" forms on a predictable schedule.
The FlexBox indicator is posted below and can be used on any time frame. First, some ideas on how to use it:
Entry - Enter a trade at the close of a bar outside the box. Wait for the current bar to close completely.
Stop Loss - Place your stop loss on the other side of the breakout box (or add a few pips if the box has a smaller price range).
Exit - Exit when the entry rules for trading in the opposite direction are met.
The indicator is already compiled, so just copy it to your experts/indicators folder and place it on the chart from there. It's unfortunate to be forced to post compiled code on this forum, but there have been several examples of members' intellectual property being sold on eBay, and I don't want that to happen to me.
User-accessible parameters are:
ROCPeriod - Boxes are formed based on the embedded ROC metric. The default value here is 2, but I tried values as high as 5, but it didn't change the results much - the box just started later.
BoxThreshold - This is important. After experimenting, I chose the default value of 12.0, but for timeframes shorter than 1 hour (which is what I recommend), the value may need to be smaller.
BoxMinBars - the number of bars before the box actually appears on the chart. The default value is 3 because it works for me.
BoxColor - Self-explanatory.
I haven't used this indicator for live trading yet, but have done a lot of "eyeball" testing and feel the indicator is interesting enough to warrant sharing. I hope to learn more by reading other people's comments than I can on my own.
A few requests:
Please post questions/comments directly in the post so we can learn from them rather than via PM - my inbox is already too full.
Please do not post questions about "How to place an indicator on a chart...". It's well documented in Metatrader's help screen, and these questions are answered in notes on the Beginner's Forum.
Please do not use charts larger than 600x600 (the note also explains how to publish charts - you can do it in MT4, no external website required).
No, there is no EA yet. If I determine that the metric is valid enough and worth the effort, I will discuss it at the appropriate time. This is where you all come in...
I developed the FlexBox indicator to exploit breakouts in a more flexible way without assuming that the "box" forms on a predictable schedule.
The FlexBox indicator is posted below and can be used on any time frame. First, some ideas on how to use it:
Entry - Enter a trade at the close of a bar outside the box. Wait for the current bar to close completely.
Stop Loss - Place your stop loss on the other side of the breakout box (or add a few pips if the box has a smaller price range).
Exit - Exit when the entry rules for trading in the opposite direction are met.
The indicator is already compiled, so just copy it to your experts/indicators folder and place it on the chart from there. It's unfortunate to be forced to post compiled code on this forum, but there have been several examples of members' intellectual property being sold on eBay, and I don't want that to happen to me.
User-accessible parameters are:
ROCPeriod - Boxes are formed based on the embedded ROC metric. The default value here is 2, but I tried values as high as 5, but it didn't change the results much - the box just started later.
BoxThreshold - This is important. After experimenting, I chose the default value of 12.0, but for timeframes shorter than 1 hour (which is what I recommend), the value may need to be smaller.
BoxMinBars - the number of bars before the box actually appears on the chart. The default value is 3 because it works for me.
BoxColor - Self-explanatory.
I haven't used this indicator for live trading yet, but have done a lot of "eyeball" testing and feel the indicator is interesting enough to warrant sharing. I hope to learn more by reading other people's comments than I can on my own.
A few requests:
Please post questions/comments directly in the post so we can learn from them rather than via PM - my inbox is already too full.
Please do not post questions about "How to place an indicator on a chart...". It's well documented in Metatrader's help screen, and these questions are answered in notes on the Beginner's Forum.
Please do not use charts larger than 600x600 (the note also explains how to publish charts - you can do it in MT4, no external website required).
No, there is no EA yet. If I determine that the metric is valid enough and worth the effort, I will discuss it at the appropriate time. This is where you all come in...
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