FOB mt5

The FOB (Frequency of Occurrence of Bars) indicator refers to oscillators. Many are watching for the price changes on the chart. Trend impulses are replaced by side pulses, and vice versa. When this change is observed, it could be noted that bars of the same color are formed more often during the period of impulse movements. For example, during an uptrend impulse the bullish bars can be seen more often on the chart, and the bearish ones can be seen rarer. During a downtrend impulse the bearish bars are more common. This indicator counts the bullish and bearish bars for a certain period.

Settings:

• Nperiod - the period, for which the bullish and bearish bars are counted
• Nbars - The number of bars to show

Additional information:

The indicator is represented by two histograms (green and red color). Two moving averages are plotted to the base of each histogram. Furthermore the indicator contains two dynamic limit levels (two dotted lines). If any of the histograms exceeds these levels, then the impulse movement is about to end, followed by either a reversal or a consolidation. If the moving averages exceed the limit levels, this gives an additional sign that the impulse movement is ending.

P.S. The recommended value of the indicator period - no more than 24.