TradeBreakOut (MetaTrader indicator) — indicates the distance of the current price (Close or High/Low) from breaking out of the recently set support or resistance levels, which are detected using local minimums and maximums.

Input parameters

  • L (default = 50) — period of the indicator. The higher is the value the less breakouts are signaled but the better their quality.
  • PriceType (default = 1) — 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. In MT4: 0 - Close, 1 - High/Low. In MT5: self-explanatory parameter values.
 
TradeBreakOut Indicator Example Chart

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

Downloads:

TradeBreakOut for MetaTrader 4 in .mq4

TradeBreakOut for MetaTrader 4 in .zip

TradeBreakOut for MetaTrader 5 in .mq5

TradeBreakOut for MetaTrader 5 in .zip

Discussion:

Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.

Do you have any suggestions or questions regarding this indicator? You can always discuss TradeBreakOut with the other traders and MQL programmers on the indicators forums.