The Simple Trade Breakout indicator for Metatrader 5 uses a special trading method for identifying possible Forex breakouts that frequently occur after range trading.
Trade logic used for breakout trading:
- When the sea-green line ascends and reaches the zero mark, it indicates a bullish breakout from the local high.
- Conversely, when the red line descends and hits the zero mark, it signifies a bearish breakout from the local low.
- The magnitude of the gap from the zero level corresponds to the likelihood of the breakout; a larger gap implies a lower probability of the breakout occurring.
You have the flexibility to customize the following indicator inputs and parameters: period, price calculation.
Tip: you can combine the Simple Trade Breakout indicator with other technical analysis tools and various techniques to increase the probability of successful Forex trades.
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The picture below shows how the Simple Trade Breakout indicator looks like when applied to the MT5 charting platform.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the tradebreakout.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click on the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale, and visualization
- Finally, click the OK button to save the new configuration