TradeBreakOut

TradeBreakOut (MetaTrader indicator) — indicates the distance of the current price (Close or High/Low) from breaking out of the recently set support or resistance levels, which are detected using local minimums and maximums.

Input parameters

• Period (default = 50) — the period of the indicator. The higher is the value the less breakouts are signaled but the better their quality.

• PriceType (default = High/Low) — the type of price to be used in calculations. In theory, Close is better for daily/weekly timeframes, High/Low is better for short-term timeframes.

• EnableNativeAlerts (default = false) — if true, a native MetaTrader popup alert will be used when indicator breaks the zero level.

• EnableEmailAlerts (default = false) — if true, an email message will be sent when indicator breaks the zero level. Email should be properly configured in MetaTrader via Tools->Options->Email.

• EnablePushAlerts (default = false) — if true, an email message will be sent when indicator breaks the zero level. Notifications should be properly configured in MetaTrader via Tools->Options->Notifications.

• TriggerCandle (default = Previous) — the candle to issue alerts on: Previous — the most recently closed candle or Current — the yet unfinished candle.

Example and strategy

The chart above displays the TradeBreakOut indicator at its default settings. When the green line reaches zero level from below, it means a bullish breakout of the local maximum. When the red line reaches zero level from above, it means a bearish breakout of the local minimum. The bigger is the distance from the line to zero level the less probable its breakout.

Download (ver. 1.01, 2022-03-26)

• TradeBreakOut for MetaTrader 4 in .mq4

• TradeBreakOut for MetaTrader 4 in .zip

• TradeBreakOut for MetaTrader 5 in .mq5

• TradeBreakOut for MetaTrader 5 in .zip

Discussion

• Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.

• You can open a trading account with any of the MT4 Forex brokers to freely use the presented here indicator for MetaTrader 4. If you want to use an MT5 version of the indicator presented here, you would need to open an account with a broker that offers MetaTrader 5.