3LineBreak indicator eliminates market noise from charts and allows us to focus on the trend by following the price action. Nonetheless, 3 Line Break price action method is not for traders who look for market tops and bottoms, since the indicator slightly lags the market. Instead, try Bear Naked Pattern. That said, the 3LineBreak indicator is perfect for those who are willing to accept delays in exchange for the ability to be in the right trend direction.
How to trade with 3LineBreak indicator for MT4
Using the default value of 3, the 3Linebreak indicator is written based on the three-line break rule. It is a simple yet fundamental method, relying on the price action rather than time. Note, all calculations are based on the closing price: If the price breaks above the prior high, then the bullish bar is formed. Accordingly, if the price breaks below the prior low, then the bearish bar is formed. If the price neither breaks above nor below the previous candle, no new bars are drawn.
In addition, if three consecutive same color bars are formed, then should the price reverse, it would have to break above/below the higher/lowest point of the last three bars before a different color bar could be drawn.
For a better resolution of the 3LineBreak indicator, try switching from Candlestick to Bar charts. Also, review the indicator settings: instead of the default 3 Line break value, test 2 or 5 bars. Lastly, test 3LineBreak indicator along with your favourite indicators.
How to Install 3LineBreak indicator for MT4
How to install your indicator on MT4 platform:
1. Click on Download button below;
2. Save the file to your computer;
3. Move the .ex4 files into the following folder : meta traderexpertsindicators;
4. Restart your Metatrader platform;
5. Click the “Indicators” button in Metatrader toolbar;
6. Select “Custom”;
7. Search and select “3LineBreak ”;
8. Adjust settings or press OK to add the indicator to your selected chart;
Note: 3LineBreak indicator is developed by Poul_Trade_Forum and was sent by an AtoZ Markets follower from Germany, Matthias. AtoZ Markets does not carry any copyrights over this trading tool.
Do you have a reliable indicator or EA? Would you like to share it with our users?