Forex FlexBox Indicator takes advantage of breakouts in a more flexible way by drawing breakout boxes anytime one is detected, without assuming that “boxes” form according to a predictable schedule (like the famous London Breakout Indicator & Strategy). The FlexBox indicator can be used on any timeframe.
“I’ve been interested in breakout strategies for some time. I like them because they are price-driven with little or no lag involved and reflect the reality of the market – there are trends and periods of relative inactivity between trends during which price does not gain or lose much. Many popular strategies have been developed using boxes and breakouts (Big Ben comes to mind), in fact my primary trading strategy is based on daily highs and lows which is, for all practical purposes, a box.”Devoloper
Forex FlexBox Indicator Input Parameters
ROCPeriod – Boxes are formed based on an embedded ROC indicator. The default here is two, but I have tried values up to 5 without changing the results much – boxes just start a bit later.
BoxThreshold – This is important. After experimentation, I’ve settled on default of 12.0 but this may need to be smaller for timeframes shorter than 1 hour (which is the timeframe I recommend).
BoxMinBars – The number of bars in a box before it actually appears on the chart. Default is 3 because it works for me.
Forex FlexBox system can give you trading signals you can take as they are or add your additional chart analysis to filter the signals further, which is recommended. While traders of all experience levels can use this system, it can be beneficial to practice trading on an MT4 demo account until you become consistent and confident enough to go live.
FlexBox Indicator System can be used on any Forex currency pair and other assets such as stocks, commodities, cryptos, precious metals, oil, gas, etc. You can also use it on any time frame that suits you best, from the 1 minutes through to the 4-hour charts(the M1 timeframe sometimes tends to crash mt4).
A simple explanation of how to use it
Entries – Enter the trade at the close of a bar outside the box. Wait for the current bar to close completely.
Stoploss – Place a stop loss at the opposite side of the box from the breakout (or add a few pips if the box has a small price range).
Exits – Exit when the entry rule is met for a trade in the opposite direction.