The Forex Breakout Box MT4 indicator is a versatile breakout box trading indicator written for Metatrader 4.
You can choose the breakout box begin period and end period.
Then the indicator starts drawing the lightbrown box according to your preferences.
How to use it?
Pay attention to the blue box. You’ll need to open a buy or sell order when price bar closes above or below the blue box.
The blue box is slightly positioned above and below the lightbrown box and marks the breakout levels.
- A bullish breakout occurs when the price bar crosses and closes above the upper blue box resistance line.
- A bearish breakout occurs when the price bar crosses and closes below the lower blue box support line.
Feel free to experiment with the begin and end period box settings to suit your needs.
The EUR/USD 1-Hour chart below displays the Forex Breakout Box Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Forex Breakout Box MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate buy trade when price bar crosses and closes above the upper blue box line. Place a protective stop below the lower lightbrown breakout box line.
Sell Signal: Initiate sell trade when price bar crosses and closes below the lower blue box line. Place a protective stop above the upper lightbrown breakout box line.
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, period A begin, period A end, period B end) 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 forex-breakout-box.ex4 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)