LineBreakOnChart - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

It was written in the book Beyond Candlesticks by Steve Nison. Although there is a standard chart of linear reversal, it is not drawn on a separate window, but on the main window of the current chart pair, taking into account the time frame. Additionally, an additional parameter of the minimum size of the box (reversing the box is not taken into account) has been added, which makes this indicator similar but not identical to the Renko chart.

Since the box is drawn not using indicator buffers, but objects, in order not to overload the terminal, a parameter of the start date of the indicator calculation was added (the minimum date is January 1, 2001).

Another detail is the added SeriesBuffer indicator buffer, which saves the number of boxes on each bar in order to receive a given value in the Expert Advisor. The buffer value is positive when the trend is up and negative when the trend is down.

2. Number of reversal lines = 2, minimum box size = 200 (points).

suggestion:

Attachment download

📎 linebreakonchart.mq5 (11.83 KB)

Source: MQL5 #1239