The London Breakout Metatrader 4 indicator is an amazing forex indicator designed to trade London session breakouts.
The indicator comes with entry levels for both buy and sell trades accompanied with 5 take profit levels.
How it works?
The light brown area of the chart represents the buy entry and sell entry trading zone.
This area also displays the entry buy and entry sell prices.
One would open a buy trade when price reaches the buy entry price and conversely, open a sell trade when price reaches the sell entry price.
Take profits can be taken at buy /sell target level 1 up to level 5.
It is recommended to take part of the profit at target 1 and trail the stop-loss for the remaining part of the open position.
The default London Breakout forex indicator settings can be modified directly from the indicator’s inputs tab. Experiment with its settings.
The EUR/USD H1 chart below displays the London Breakout Metatrader 4 system indicator in action.
Basic Trading Signals
Signals from the London Breakout Metatrader 4 system indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade position when price reaches the Entry Buy price and take half of your profits at Buy Target 1.
Trail the stop-loss up for the remaining part of the open buy position.
Sell Signal: Open sell trade position when price reaches the Entry Sell price and take half of your profits at Sell Target 1.
Trail the stop-loss down for the remaining part of the open sell position.
MT4 Indicator Characteristics
Currency pairs: GBP/USD, EUR/USD
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (Start Time, End Time, Session End Time, TP1 Factor, TP3 Factor, FibLength ) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour
Copy and paste the london-breakout.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)