Line Break Chart
Charts line break were invented in Japan, they are similar to the charts of Tic-Tac-Toe and Renko. One Japanese trader described the three-line break schedule as follows: “a more appropriate form of tic-tac-toe graphs, where U-turns are determined by the market, not the rules of arbitration.” Charts line break does not depend on the time, they only change when the price changes. These plots show a series of vertical lines (or “blocks”) of different size (Renco graphs uses a fixed size). Green blocks (usually white) denote the price increase, and red blocks (usually black) – the price reduction. Prices continue to move in the same direction, until a reversal is confirmed.
Reversal occurs when the closing price is beyond the maximum or minimum “X” preceding lines. Usually taken 3 previous lines, but the indicator makes it possible to use a different number, which gives greater flexibility to price analysis. On the Internet there is a lot of information on how to build and how to use the graphics line break.
To see the schedule line break separately, switch the view to show the main graph as a line, and then change the color of the line to “None” (no) in the chart properties, which are opened by pressing the F8 key. When you change the scale or symbol / timeframe indicator will change the size of the blocks at the next tick, so that they fit into the viewing area of the main chart.
There are two input parameters:
- Lines – indicates the number of lines to determine the reversal, the default 3.
- TopBottomBufferPct – indicates the size of the empty space at the top and bottom of the chart (in percent of span units displayed prices). Default 2.
Warning: Do not use the standard / custom indicators, along with graphs of linear breakthrough. These indicators are calculated according to the usual historical data to the MetaTrader 5, which are not suitable for line break charts. The date and time displayed at the bottom of the chart, do not correspond to the actual date and time blocks.
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