This code is a custom indicator called Pips Generator developed by the Forex Robot Easy Team. The indicator is designed to generate entry and exit signals based on a channel breakout strategy.
- ChannelPeriod: The period used to calculate the channel boundaries.
- EntryThreshold: The threshold value for the entry signal.
- ExitThreshold: The threshold value for the exit signal.
- Timeframe: The timeframe selection for the indicator.
- SignalBuffer: The buffer that stores the entry signals.
- ExitBuffer: The buffer that stores the exit signals.
This function is called during the initialization of the indicator. It sets up the indicator buffers, labels, colors, and parameters.
This function is called for each new bar in the chart. It calculates the channel boundaries, entry and exit signals, and stores them in the corresponding indicator buffers.
The channel boundaries are calculated by finding the highest high and lowest low within the channel period. The channel range is then calculated as the difference between the highest high and lowest low.
The entry signal is calculated as the percentage of the current close price relative to the channel range. If the entry signal meets the entry threshold, a signal is generated by setting the corresponding value in the SignalBuffer.
The exit signal is calculated as the percentage of the channel range relative to the current close price. If the exit signal meets the exit threshold, an exit signal is generated by setting the corresponding value in the ExitBuffer.
The Pips Generator is a trend-based Forex tool developed by the Forex Robot Easy Team. It uses a channel breakout strategy to generate entry and exit signals.
The indicator calculates the channel boundaries based on the specified period and identifies the range of the channel. It then determines the entry and exit signals based on the percentage of the current close price relative to the channel range.
The entry signal is generated when the current close price is above the entry threshold, indicating a potential upward trend. The exit signal is generated when the current close price is below the exit threshold, indicating a potential reversal or end of the trend.
The Pips Generator indicator can be used on any time frame, allowing traders to adapt it to different market conditions and trading strategies. It can be used as a standalone tool or in conjunction with other technical indicators and analysis techniques.
Please note that ForexRobotEasy is not the official developer of this product. We are only providing a sample code that demonstrates how the indicator works. To find the official developer and learn more about the product, please use MQL5 and visit the following link for detailed reviews and trading results: Apollo Pips Generator Review