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.
- 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
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
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.
1.01 - 2022-03-26
1.00 - 2013-03-07
- First release of TradeBreakOut on EarnForex.com.