The Daily Breakout forex indicator for Metatrader 4 is just excellent to trade daily breakout signals.
The indicator draws a daily gray colored box that can be traded easily, either to the upside (buy signal) or downside (sell signal).
I recommend to attach the indicator to the hourly or 4-hour trading chart for best view.
How it works
When price exceeds the previous day high price, this would create a buy order.
When price exceeds the previous day low price, this would create a sell order.
Moreover, it’s also easy to discover the trend of a currency pair.
The trend is up when at least 5 consecutive daily boxes display higher highs and higher lows.
The trend is down when at least 5 consecutive daily boxes display lower highs and lower lows.
The EUR/USD 4-hour chart below displays the Daily Breakout Forex Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Daily Breakout MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy order when price exceeds the previous day high price.
Sell Signal: Open sell order when price exceeds the previous day low price.
Trade Exit: Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (Number of days) 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 coloured-days-on-chart.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)