False Breakout Counter - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources

The idea is quite simple. If the high of the current bar is higher than the high of the previous bar, and the closing price of the current bar is lower than the high of the previous bar, it is considered a false breakout. Accordingly, if the low of the current bar is lower than the low of the previous bar and the close of the current bar is higher than the low of the previous bar, we have a false breakout to the downside.

In some cases, there will be two false breakouts in one bar - if the bar is external with respect to the previous bar and its close is within the range of the previous bar. The indicator shows:

The essence is that, for example, if there were 3 (or more) false breakouts on the last five bars, then it is very likely that the next breakout high or low (previous bar) will be real.

suggestion:

Attachment download

📎 falsebreakoutscounter.mq5 (4.68 KB)

Source: MQL5 #1562