The intraday channel breakout MT4 indicator is a great tool if you like to trade intraday buy and sell breakouts for fast profits.
Basically, you can benefit from short-term intraday breakouts that occur above or below the channel.
When loaded onto MT4, a channel will appear on the open chart.
The channel consists of three lines:
- The upper green resistance line
- The middle white line
- The lower red support line
A buy breakout occurs when price breaks and closes above the green upper resistance breakout line.
A sell breakout occurs when price breaks and closes below the red lower support breakout line.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
The GBP/USD 15-Minute chart below displays the Intraday Channel Breakout Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Intraday Channel Breakout MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when price breaks and closes above the green resistance Intraday Channel Breakout indicator dotted line.
Place a stop loss below short-term support or use your own preferred SL method.
Sell Signal: Open a sell trade when price breaks and closes below the red support Intraday Channel Breakout indicator dotted line.
Place a stop loss above short-term resistance or use your own preferred SL method.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (start time, end time, show breakout bars) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours
Copy and paste the intraday-channel-breakout-indicator.ex4 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)