TradeBreakOut Indicator for MT4/MT5/cTrader

TradeBreakOut is a MetaTrader and cTrader indicator that shows the distance of the current price (Close or High/Low) from breaking out of the recently set support or resistance levels, which are calculated as local minimums and maximums. It supports multi-timeframe (MTF) operation and can issue alerts when the price breakout happens. The indicator is available for MT4, MT5, and cTrader.

Input parameters

• Timeframe: the timeframe to calculate the breakout lines on. If given a timeframe that is lower than the current one, the indicator will use the current chart's timeframe instead.
• Period (default = 50) — the period of the indicator. The higher is the value the less breakouts are signaled but the better their quality.
• Price (default = High/Low) — the type of price to be used in calculations. In theory, Close is better for daily/weekly timeframes, while High/Low is better for short-term timeframes.
• EnableNativeAlerts (default = false) — if true, a native MetaTrader popup alert will be used when indicator breaks the zero level.
• EnableEmailAlerts (default = false) — if true, an email message will be sent when indicator breaks the zero level. Email should be properly configured in MetaTrader via Tools->Options->Email.
• EnablePushAlerts (default = false) — if true, an email message will be sent when indicator breaks the zero level. Notifications should be properly configured in MetaTrader via Tools->Options->Notifications.
• EnableSoundAlerts (default = false) — if true, the given sound file will be played when indicator breaks the zero level.
• Trigger Candle (default = Current) — the candle to issue alerts on: Previous — the most recently closed candle or Current — the yet unfinished candle. When Price is set to High/Low, this parameter doesn't matter as the signal can be generated whenever either High or Low breaches the support/resistance line.
• Draw Signal Arrows: if true, the indicator will draw arrows on the chart when there is an up or down signal.

Example and strategy

The MT5 chart below displays the TradeBreakOut indicator at its default settings. When the green line reaches the zero level from below, it signals a bullish breakout of the local maximum. When the red line reaches the zero level from above, it signals a bearish breakout of the local minimum. The bigger is the distance from the line to the zero level the less probable its breakout.

An example of a multi-timeframe display can be seen on the cTrader screenshot below: