The Daily Breakout MT4 forex indicator displays 2 interesting lines on the chart: the previous day high price line and the previous day low price line.
This is a great indicator if you like to trade daily price breakout signals.
You can apply this simple technique to any currency pair.
The EUR/USD D1 chart below displays the Daily Breakout forex indicator in action.
Basic Trading Signals
Signals from the Daily Breakout MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy position when price rises about the previous day high price.
Sell Signal: Open sell position when price falls below the previous day low price.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (Alerts, GMTShift, SupportColor, ResistanceColor) Colors, width & Style.
Time frames: 1-Hour, 4-Hours, 1-Day
Type: Price line
Copy and paste the daily-breakout.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)