The Forex Breakout Pattern indicator for Metatrader 4 displays powerful price action based buy and sell breakout signals on the trading chart.
The indicator appears in the main MT4 chart window as a breakout pattern indicator with accompanied buy and sell signals.
The idea is to buy a break above or below the trading pattern that has formed on the chart.
Key Takeaways:
- Price pattern breakout indicator.
- Pure price action.
- No lag.
- Finds breakout patterns on any chart.
The Forex Breakout Pattern indicator can be also used to confirm trading signals issued by other trading systems or strategies, or as an additional trend filter.
Free Download:
Download the “breakout-pattern.mq4” indicator for MT4
Indicator Example Chart (EUR/USD Daily)
The example chart below displays the Forex Breakout Pattern indicator in action on the trading chart.
Trading Signals (example):
Buy signal: Open a buy trade as soon as the blue arrow appears on the chart. This is a buy breakout signal.
Sell signal: Open a sell trade as soon as the red arrow appears on the chart. This is a sell breakout signal.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Utilize your own favorite stop loss and take profit method.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Breakout
Repaint? No.
Download Now:
Download the “breakout-pattern.mq4” indicator for Metatrader 4
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the breakout-pattern.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.