Using Three PNB Lines to Read Price Trajectory and Trend Convergence

Summary

This document describes an MQL4 implementation of calculations from an existing PNB indicator. The author says the calculations were transferred from a spreadsheet and marked in the code to correspond to spreadsheet cells, while noting that the original indicator was created by someone else. Its main explanation is that the indicator plots three lines, P1, P2, and P3, and that the direction in which P3 appears to adhere is used to suggest a price forecast. During clear upward or downward moves, the three lines converge.

The description supplies no formula details, examples, quantified forecast accuracy, or trading rules for turning the line behavior into positions. It also notes an option to turn historical indicator drawing on or off. This is therefore a brief account of how to interpret a visual indicator, not a documented validation of its predictive value. The underlying calculation and any performance claims would require further source material and testing.

Key ideas

• The MQL4 version transcribes calculations from an existing PNB spreadsheet indicator.
• The indicator displays three lines named P1, P2, and P3.
• The described forecast interpretation follows the trajectory along which P3 appears to adhere.
• The lines are said to converge during clear upward or downward moves.
• A setting allows users to enable or disable drawing on historical bars.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.