The Breakout Metatrader 5 indicator is displayed on the chart as horizontal lines that define High and Low levels over the specified time interval, which is set as hours and minutes of the session starting and end.
This indicator is very useful to breakout traders and works very well on any timeframe and for any currency pair.
There are two regions that are highlighted by the indicator: “period” and “area”.
When the price is situated in the period zone, the values of the High and Low levels are recalculated.
The following setting are enabled on the Breakout MT5 indicator:
- the hour and minute of the beginning of the “period” zone
- the hour and minute of the end of the “period” zone
- the hour and minute of the end of the “area”
- the “area” zone begins right after the end of the “period” zone
The EUR/CHF H1 chart below shows the Breakout forex Metatrader 5 indicator in action.
Basic Trading Signals
Buy Signal: Go long when price closes above the upper red horizontal line of the Breakout MT5 indicator
Sell Signal: Go short when price closes below the lower red horizontal line of the Breakout MT5 forex indicator
Exit buy trade: Close buy orders when price closes below the upper red horizontal line of the Breakout MT5 indicator
Exit sell trade: Close sell orders when price closes above the lower red horizontal line of the Breakout MT5 indicator
Tip: When price falls within the upper and lower horizontal lines, price is said to be choppy.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (“Period” Hour begin, “Period” Minutes begin, “Period” Hour end, “Period” Minutes end, “Area” Hour end, “Area” Minutes end), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: support | resistance
Copy and paste the Breakout.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)