Skip to content

Daily Breakout Metatrader 4 Forex Indicator

    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.

    Free Download

    Download the coloured-days-on-chart.mq4” MT4 indicator

    Example Chart

    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.

    Download

    Download the coloured-days-on-chart.mq4” Metatrader 4 indicator

    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

    Type: Breakout

    Installation

    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)

    Share this post!