Shoter Indicator - Detailed Explanation

This is a custom MetaTrader indicator called "Shoter Indicator" that identifies potential trading opportunities based on breakouts of trend lines drawn from ZigZag pattern points.

Indicator Components

Visual Elements:

UpperLine (DodgerBlue): Drawn at ZigZag highs

LowerLine (OrangeRed): Drawn at ZigZag lows

BullDot (Goldenrod): Marks significant points in bullish setups (1-2-3 pattern points)

BearDot (CornflowerBlue): Marks significant points in bearish setups (1-2-3 pattern points)

BuyArrow (DodgerBlue): Signals bullish breakouts (up arrow)

SellArrow (OrangeRed): Signals bearish breakouts (down arrow)

Input Parameters:

General Settings:

maxNoOfCandles: Limits how many candles to calculate (0=all visible)

1-2-3 Pattern Settings:

ZigZagDepth: Depth parameter for the ZigZag indicator

RetraceDepthMin/Max: Minimum/maximum retracement levels for valid patterns

ShowAllLines: Toggles display of all trend lines

ShowAllBullBearDots: Toggles display of all pattern points

ShowAllBreaks: Toggles display of all breakout signals (not just 1-2-3 patterns)

Alert Settings:

Three types of alerts can be enabled separately:

Point2BreakAlerts: For 1-2-3 pattern breakouts

BreakUpperLineAlerts: For any upper trend line break

BreakLowerLineAlerts: For any lower trend line break

Three delivery methods:

PopupAlerts

EmailAlerts

PushNotificationAlerts

How It Works

ZigZag Detection: The indicator first identifies peaks and troughs using the built-in ZigZag indicator.

Trend Line Drawing:

Upper lines connect ZigZag highs

Lower lines connect ZigZag lows

Pattern Recognition:

For bullish setups, it looks for:

A low (point 1)

A higher high (point 2)

A higher low (point 3)

Then watches for a breakout above point 2

For bearish setups, it looks for:

A high (point 1)

A lower low (point 2)

A lower high (point 3)

Then watches for a breakout below point 2

Breakout Conditions:

The retracement between points 2-3 must be between RetraceDepthMin and RetraceDepthMax

Price must close beyond the trend line (point 2 level)

Signal Generation:

Places arrows at breakout points

Marks the 1-2-3 points with dots

Can trigger alerts when new signals appear

Cleanup:

Removes unnecessary trend lines after breakouts occur

Converts zero values to EMPTY_VALUE for cleaner display

Alert Messages

When a breakout occurs, the indicator can generate alerts with the format:

"[Symbol] [Timeframe] [buy/sell]!"

For example: "EURUSD M15 buy!"

Color Scheme

The color choices serve specific purposes:

Blue (DodgerBlue) for bullish elements (upper lines, buy arrows)

Red (OrangeRed) for bearish elements (lower lines, sell arrows)

Goldenrod for bullish pattern points

CornflowerBlue for bearish pattern points