mql5

XPoints - indicator for MetaTrader 5

The indicator predicts the possible reversal points. The EURUSD chart show an interesting pattern - some time before the reversal, there are bars with the following features:

1. rate = (High - Low) / MathAbs(Close - Open) is significantly greater than 1;
2. the lowest point (Low) touches the bottom of the channel (possible price growth), or the highest point (High) touches the top of the channel (possible price fall)

These bars are conventionally called X-points. The indicator finds X-points based on the xrate parameter:

(rate >= xrate) && (High-Low) >= xsize && (Up-Dn)>= xminupdn

To filter out false signals, the indicator analyzes the bar that follows the X-point for any price movement in the predicted direction, as well as the position of bar midpoints relative to the center of the channel and each other.