The Easy Candle Box Breakout indicator for Metatrader 5 simplifies the process of trading price breakouts above/below a clearly defined Forex box system.
This tool is beginner friendly and allows traders to customize their desired session start and end hours.
Pay attention to the colors of the box displayed on the chart:
- A green/blue colored box is bullish. Look for potential buy entry signal.
- A red/magenta colored box is bearish. Look for potential sell entry signals.
The indicator provides several adjustable inputs and parameters, including session start hour, session end hour, minutes, and shift.
Make yourself familiar with the Easy Candle Box Breakout and test it first on a demo account until you fully understand how it works.
It supports all time frames and trading instruments offered by the MT5 charting platform.
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shadeny_candle.mq5 Indicator (MT5)
Chart Example
The following picture shows how the Easy Candle Box Breakout indicator looks when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Easy Candle Box Breakout Indicator?
Find a simple trading example below:
Buy Signal
- Buy condition: the box should be colored green/blue.
- A buy trade is triggered when the candle closes above the box high.
- Execute a buy trade and place a stop loss below the low of the box.
- Exit the buy position for a fixed take profit target of your preference.
- Alternatively: await the red/magenta bearish box to close the buy position.
Sell Signal
- Sell condition: the box should be colored red/magenta.
- A sell trade is triggered when the candle closes below the box low.
- Execute a sell trade and place a stop loss above the high of the box.
- Exit the sell position for a fixed take profit target of your preference.
- Alternatively: await the green/blue bullish box to close the sell position.
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shadeny_candle.mq5 Indicator (MT5)
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 shadeny_candle.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 in 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