The Extremum catcher MT5 indicator, analyzing the price behavior after breaking through local highs and lows, gives signals for a price reversal with the possibility of building a Price Channel. If you need a version for MetaTrader 4, see Extremum catcher.

The indicator takes the maximum and minimum prices for the selected period – by default, 24 bars (you can change it). Further, if the last candle when the price breaks the high or low of the new candle opens above extremes on a zero candle signal and draws the arrow on trade entry (on the reverse), and on the chart is marked with lines extreme levels.

It is possible to filter the maxima to confirmed (Extremum) or unconfirmed (Maximum), this option is switched in the settings.

• barPeriod – the number of candles where we are looking for local extremes;
• Alert – an audible alert when a signal appears;
• Send notifications – push notifications to the mobile terminal;
• Type search by – the type of search for inputs, based on the formed extremes-Extremum, or by maxima – Maximum;
• Show Local Extremum and Maximum – show local levels;
• Show all Extremum and Maximum – show all completed levels;
• Show Price Channel – show the Price Channel indicator on the chart;
• Arrow indentation – shift of the arrows. If you are hindered by the arrows on the charts (they are at the opening prices of the candle), then this setting can move them away from the candles;
• Color Sell – the color of the Sell arrow;
• Color Buy – the color of the Buy arrow;
• Color Price Channel – color of the Price Channel (if the display is enabled).

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• 0 – Buy signals, if there is no signal, then 0;
• 1 – Sell signals, if there is no signal, then 0;
• 2 – the upper border of the Price Channel;
• 3 – the lower limit of the Price Channel.

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