Average Penetration Column - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources
As stated in Markos Katsanos and his article in the June 2018 edition of Stocks and Commodities Technical Analysis magazine.
Additional options for penetration criteria (in the original only closed prices were used, in this version you can choose to use high/low also the opposite). Also, don't just use a simple moving average for averaging, it can be done using one of the 4 average types:
And finally: the idea of calculating trends was found by someone online who calls himself "Vonasi". I like this idea (it does not show the usual "greater than" or "less than" trend) and also use it in this indicator (as an option, so the indicator can calculate trends in both a "classic" way and a custom way). Additionally, you can choose to display colored bars and colored candles regardless of the indicator name
Attachment download
📎 average_penetration_bars.mq5 (17.25 KB)
Source: MQL5 #21924
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