The Super Trend Line Breakout indicator for Metatrader 4 is an advanced trend line indicator developed to trade possible breakouts above or below trend lines.
The indicator draws the most interesting trend lines automatically on the chart together with probable break-up and down-break targets.
Break-up targets show you the possible target price for a breakout above the upper trend line.
A green horizontal line displays the break-up target price on the MT4 chart.
Down-break targets show you the possible target price for a breakout below the lower trend line.
A red horizontal line displays the down-break target price on the MT4 chart.
The Super Trend Line Breakout indicator can be used for scalping (M1 charts), day trading (M5, M15 charts) and swing trading (M30, H1, H4, D1 charts).
The EUR/USD H1 chart below displays the Super Trend Line Breakout forex indicator in action.
Basic Trading Signals
Signals from the Super Trend Line Breakout forex indicator are easy to interpret and goes as follows:
Buy Signal: Go long when price breaks and closes above the upper trendline.
Sell Signal: Go short when price breaks and closes below the lower trendline.
Trade Exit: Close the open trade at the suggested target price, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (AlertsOn, TrendLine, TrendLineStyle, ProjectionLines) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Trend line breakout
Copy and paste the super-breakout-trendline.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)