A false breakout indicator, applicable to all time frames, to be inserted below the chart. By inserting a line at 0.5 it is possible to obtain an alarm.
Settings
HighPeriod – LowPeriod – Number of bars between minimum and maximum. With this parameter we give the indicator the instruction to report only those bars that have at least a certain number of candles between maximum and minimum. For example, if we select 30 the indicator will count a maximum or a minimum that occurred no earlier than 30 candles. This parameter can be different for the maximums and minimums depending on the trend in progress.
ATRPeriod – period of atr
ATRMin – the bar we want to return the signal to us has a range. This parameter allows you to select the minimum atr that the range of the candle must have, in order to highlight interesting bars and avoid highlighting bars with a too small range.
HighLowDistance – with this parameter we instruct the indicator to highlight only the bars that have a certain number of points or pips between max and min (HighPeriod and LowPeriod).
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