The Breakout Bars Trend Metatrader 5 forex indicator was designed as an alternative to Moving Averages in a bid to concisely define trend direction.
The indicator is a sort of “fusion” between the iMovment indicator and a linear reversal.
What’s more, the delta (the reversal parameter) value on the Breakout Bars Trend technical indicator is not plotted based on the close price, rather the high and low is deployed for this purpose.
Seemingly, another condition that determines the reversal is the breakthrough bar i.e. breakthrough of a specific price level, asides the delta.
The EUR/JPY H1 chart below displays the Breakout Bars Trend Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the Breakout Bars Trend forex indicator paints the candlesticks blue (strongly bullish) and deep sky blue (weakly bullish).
Sell Signal: Go short when the Breakout Bars Trend forex indicator paints the candlesticks red (strongly bearish) and orange (weakly bearish).
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a red colored candle of the Breakout Bars Trend Metatrader 5 forex indicator pops up.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, a blue colored candle of the Breakout Bars Trend Metatrader 5 forex indicator pops up.
Tips: The Breakout Bars Trend indicator does a fine job in delivering medium term trend signals, as possible whipsaws might be experienced more often when used on smaller timeframes.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Delta, Show the size of the series, Number of series), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the breakoutbarstrend.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)