This is a professional tool that creates real charts of the breakdown of lines (breakdown of three lines). Charts are built using the tools of the MetaTrader 4 platform for building offline charts, which allows you to trade* directly from the chart, as well as run any standard or custom indicators on such a chart for technical analysis.
The line breakout chart can be displayed either in the most familiar form as a three-line breakout chart, or in a custom version of a 2-line or 5-line breakout.
On the chart, you can show or hide the shadows of the candles – they give a lot of additional information about the ongoing price action.
The indicator settings include:
- Line break number-specifies the number of lines (or previous lows/highs) to break through.
- Show wicks – show or hide candle shadows (true/false)
- Show history for number of days – the number of days on the history to display
- Display on offline chart – show offline charts (M2 / M3 / M4 / M6 / M7 / M8 / M9 / M10)
- Recalculate on history updates-recalculate on history updates (true/false)
- Minimum chart update interval – the minimum chart update interval (in milliseconds)
To start using the chart, you need to select the instrument and timeframe (M1, M5, H1, D1, etc.) that will be used as a source for calculating breakouts and opening the chart. Then run the indicator on the chart and set the desired parameters.
A button will appear in the lower right corner of the chart [Show Chart]. When you click on the button, an offline chart will open with a breakdown chart. Please note that the original chart must be open so that the breakout chart can receive quotes to display up-to-date information.
* ) The Expert Advisor can be run directly on such a chart. But this will require a small modification of the source code of the Expert Advisor. Below is a sample code of an Expert Advisor that can work on an offline chart: