This indicator is used for trading price breakouts. It is a forex indicator that is used each day to benefit from the breakouts at the predetermined zone of the mt4 daily timeframe.
The main reasons for using this forex indicator are:
- It helps to show the probable chart breakout areas by highlighting them in a distinct color; hence one cannot avoid noticing them.
- It is also used in timing the trader’s trading on a day-to-day basis. This is done by setting the chart custom breakout.
- By indicating the range in which forex trade is to be carried out, the risk of careless forex trading is eliminated since one only trades when they are sure it is time to trade.
- Also, some forex traders are greedy to trade and may end up opening forex trades when they aren’t sure that the breakout is confirmed. This ends up bringing loss. However, using the forex breakout panca eagle indicator, this is done away with.
Using the breakout panca eagle indicator
First, you must download the forex indicator and insert it in the MQL4 folder of the MetaTrader 4(MT4) platform. Then you must choose the mt4 currency pairs you want to use for the indicator. To load the forex indicator on the chart, click on the insert button, then indicators, then the custom, and then scroll down to the breakout panca eagle forex indicator and click on it and click ok.
If you want to remove it from an mt4 chart, you click the chart’s button on the mt4 menu bar, then click the forex indicator list and choose the breakout panca eagle indicator and click delete on the right-hand side.
The Breakout panca eagle indicator highlights colored box-like sections. These sections can be given any chart color by going to the inputs at the forex custom indicator drop-down dialogue box.
Fig.1. The sections of breakout panca eagle indicator.
One section (box) highlights the entire breakout region from the beginning to the end of the zone. This region is a no-trading zone, and you must be patient enough for the chart prices to get out of this area before open a position.
Then the other section highlights the indicator offset zone. This is a buffer formed above or below the chart breakout region. The work of this buffer is to filter chart breakout line tests and the noise that occurs around the breakout region. Above all, this is an essential box since it is the one that prepares the trader to open a trade.
The other region is the High to Low prices range between the hours picked as the breakout range.
The original colors of these boxes are red, blue, and green color. However, the red color region is just highlighted by a red color border since it is in another area.
Customizing the breakout panca eagle indicator
One of the most amazing things about this indicator is that the trader can customize it to suit their taste. This is done by moving to the forex indicator list in the same procedure used in loading the forex indicator onto the chart, then clicking on the forex indicator and clicking on the input button of the customize forex indicator dialogue box that pops up. Once you have opened this, you can change the following things.
Breakout Panca Eagle Forex Indicator Free Download