Change of Character

The Change of Character indicator for MT5 puts arrows, level lines and CHoCH / BOS text on your main price chart. It does this each time a closed candle breaks the last confirmed swing high or swing low. In the Lab's repaint test, 0 of 273 signals changed after they appeared. It helps you see the moment price breaks against the trend, and tell that apart from a break that just continues the trend.

What it draws on your chart

A change of character (CHoCH) is the first break of a swing point against the current structure trend. A break of structure (BOS) is a break in the same direction as the trend. The indicator labels both for you, so you do not have to mark swings by hand.

• Four arrows: Bullish CHoCH, Bearish CHoCH, Bullish BOS and Bearish BOS.
• A level line at the swing price that was broken, plus a CHoCH or BOS text label. Both stay on the chart while the indicator runs.
• The Structure panel shows the last CHoCH or BOS, the structure trend on your chart and on two higher timeframes, the number of bars since the last CHoCH, and the CHoCH and BOS counts for each direction.

How the Lab tested it

The Lab ran version 1.00 (104.6 KB file) on MT5 build 6230 on 2026-10-09. It replayed EURUSD M15 from 2026-07-09 to 2026-10-08 using real ticks from Raw Trading Ltd. It logged every arrow as it appeared and checked it again at the end of the test.

The result was 273 signals logged and 0 changed, with a maximum arrow delay of 0 bars. For you, this means each arrow appears when the breaking candle closes, on that same candle, and never moves or disappears later. What you see in history is what you would have seen live.

What the signal numbers mean for you

For every arrow, the Lab checked which came first: a move of 1 ATR in the arrow's direction, or 1 ATR against it. Overall, 51.7% of signals reached 1 ATR in their direction first. That is only slightly better than a coin flip. Treat the arrows as a map of structure, not as trade signals on their own.

The outcome came fast. The median signal hit one side within 2 bars (about 30 minutes on M15), and 0% of signals went 20 bars without hitting either side. Arrows fire when price is already moving, so you have to decide quickly. On this chart the four arrows together gave 20.8 signals per week, about four per trading day.

The four arrows did not perform the same. The chart below splits the results by arrow type.

Both bearish arrows did better than a coin flip in this test. The Bullish CHoCH did worse than one: in this test, buying every bullish reversal label would have gone 1 ATR against you first more often than not. The Lab measured one symbol over one quarter, so read this split as a warning about the bullish CHoCH, not as a rule for every market.

Who it is for

It suits traders who use market structure and want swing breaks labelled the same way every time. It also helps if you are still learning to tell a CHoCH from a BOS, or if you want to check higher-timeframe trend without switching charts.

Install in one line

Copy the file into the MQL5\Indicators folder of your MT5 data folder, refresh the Navigator, and drag Change of Character onto a chart.

How one signal forms

First, the indicator confirms a swing high or swing low. A swing high is a candle whose high stands above the highs of the SwingBars candles on each side of it (5 by default). A swing low works the same way with lows. Next, it waits for a closed candle to close beyond the last unbroken swing. Finally, it checks the current structure trend to decide which label to give the break.

The chart below is an illustration of a typical signal. A bearish leg makes a swing high, and a close above that swing prints a Bullish CHoCH. A later candle only wicks through the next swing high, so nothing prints. The close above that level on the next push prints a Bullish BOS.

Reading the four arrows

The level line marks the exact swing price that broke. Lines and text stay on the chart while the indicator runs, so an old chart can look busy. Lower LineLookbackBars (100–5000, default 500) if you want the indicator to build structure from fewer past bars.

Use the panel for context. If it shows a Bullish CHoCH on your chart while both higher timeframes still read bearish, you are looking at a pullback inside a bigger downtrend until proven otherwise.

Common misread: a wick through the line is not a break

With the default BreakRule (Close), a candle that spikes above a swing high and closes back below it gives no arrow. That is bar 20 in the illustration. Do not draw your own CHoCH there because the line looks crossed. Switch BreakRule to Wick only if you want the candle high or low to count. You will then see breaks earlier, including spikes that close back inside. The Lab has not tested the Wick setting, so compare it with the default first.

Inputs to change first

1. SwingBars (2–10, default 5). This sets how many candles on each side confirm a swing. Lower values find small swings and print more arrows. Higher values keep only bigger swings. On M1–M5, try 7 to cut noise. This is a starting point the Lab has not tested, so compare it with the default.
2. MinSwingATRMult (default 0 = off). This ignores swings smaller than this multiple of ATR(14), measured from the last opposite swing. Raise it in tight ranges where every small wiggle becomes a swing.
3. HTF1 / HTF2 (default H1 / H4). Keep both above your chart timeframe. The defaults fit M5–M30 charts. On an H1 chart, try H4 and D1 (an untested starting point).
4. ShowCHoCH / ShowBOS. Turn off ShowBOS if you only want to see reversals.

Alerts

Alerts fire on a new CHoCH or BOS once the candle has closed. AlertChoch is on by default and AlertBos is off. EnablePopup shows a popup in the terminal (on by default). EnablePush sends a notification to MT5 mobile and EnableSound plays a sound; both are off by default. AlertCooldownBars (0–20, default 1) sets the minimum number of bars between two alerts.

A decision rule for each arrow

These rules are ideas to try. The Lab has not tested them.

• Bullish CHoCH: never act on it alone. Wait for the Bullish BOS that follows it, or take it only when both higher-timeframe badges on the panel read bullish.
• Bearish CHoCH: take it only when at least HTF1 on the panel reads bearish. Skip it when both badges read bullish.
• Bullish or Bearish BOS: take it only when your chart trend and HTF1 agree with the arrow. Skip a BOS that points against both badges.