TradeBreakOut (MetaTrader forex indicator) — indicates the distance of the current price (Close or High/Low) from breaking out of the recently set chart support or resistance levels, which are detected using local minimums and maximums.
- Period (main default = 50) — the period of the forex indicator. The higher the value, the fewer breakouts are signaled but the better their quality.
- PriceType (main 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 (main default = false) — if true, a native forex MetaTrader popup alert will be used when the indicator breaks the zero level.
- EnableEmailAlerts (main default = false) — if true, an email message will be sent when the forex indicator breaks the zero level. Should properly configure Email in MetaTrader via Tools->Options->Email.
- EnablePushAlerts (main default = false) — if true, an email message will be sent when the forex indicator breaks the zero level. Notifications should be properly configured in forex MetaTrader via Tools->Options->Notifications.
- TriggerCandle (main default = Previous) — the candle to issue alerts on Previous — the most recently closed candle or Current — the yet unfinished candle.
Example and forex strategy
The chart above shows the TradeBreakOut forex indicator at its default settings. When the green color line reaches zero level from below, it means a bullish breakout of the local maximum. When the red line comes to zero level from above, it means a bearish breakout of the local minimum. The more significant the distance from the line to the zero level, the less probable its breakout.
Trade BreakOut Forex Indicator Free Download
Warning! If you do not know how to set up this indicator, please read the MetaTrader Forex Indicators Tutorial.
Do you have any more suggestions or questions regarding this forex indicator? You can always discuss TradeBreakOut with the other forex traders and MQL programmers on the indicators forums.