Today, a new indicator has been added to EarnForex.com — TradeBreakOut. It is very simple indicator that is based on price minimum and maximum calculation. This oscillator indicator is described in Market Fraction Hypothesis: A Proposed Test article by Michael Kampouridis,
The whole indicator is just a few lines of code, so there is no big difference between MT4 and MT5 versions. The main one is that the PriceType input parameter, which determines whether to use Close or High/Low in calculations, can be set as enumerated list of values in MetaTrader 5: Close and High/Low. In MetaTrader 4, on the contrary, one has to set integer codes instead: 0 — for Close and 1 — for High/Low.
You can download the MT5 or MT4 version, or read more info about this breakout indicator.
If you find any bugs in this MetaTrader indicator or if you have some feature suggestions, please post about it using the commentary form below.