The Trade Day Breakout forex indicator for MT4 provides buy and sell breakout trade information that works on any forex pair.
The indicator displays the name of the trading day (Monday till Friday) and draws a highest – lowest price box for each trading day.
The trend is upward when the low price of the current box is higher than the low price of the previous day box and the high price is higher than the high of the previous day box. Currency traders look for buy trade opportunities.
The trend is downward when the low price of the current box is lower than the low price of the previous day box and the high price is lower than the high of the previous day box. Currency traders look for sell trade opportunities.
In an uptrend, go long when the high price of the current box exceeds the previous day high price.
In an downtrend, go short when the low price of the current box falls below the previous day low price.
The EUR/USD 1-Hour chart below displays the Trade Day Breakout Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Trade Day Breakout MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open breakout buy trade when the current day box high price bar exceeds the previous day high price. The overall trend must be upward.
Sell Signal: Open breakout sell trade when the current day box low price bar falls below the previous day low price. The overall trend must be downward.
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 (limit) 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 trade-day.mq4 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)