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

  • Period (default = 50) — the period of the indicator. The higher is the value the less breakouts are signaled but the better their quality.
  • PriceType (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 (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.
  • TriggerCandle (default = Previous) — the candle to issue alerts on: Previous — the most recently closed candle or Current — the yet unfinished candle.

Example and strategy

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 (ver. 1.01, 2022-03-26)

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.

Changelog

1.01 - 2022-03-26

  • Added alerts.

1.00 - 2013-03-07

  • First release of TradeBreakOut on EarnForex.com.

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Design — Mart Studio

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