The Breakout Bars Trend Forex indicator for Metatrader 5 provides successful trend trading signals utilizing a proprietary price breakout trading method.
The indicator appears on the price chart as blue and red colored signal candles.
How to spot bullish and bearish trade entry breakout signals?
- A bullish entry signal occurs when the blue candle gets displayed on the chart.
- A bearish entry signal occurs when the red candle gets displayed on the chart.
The following indicator inputs and parameters can be fully customized: delta, show the size of the series, number of series.
The indicator signals work for any trading instrument supported by the Metatrader 5 charting platform.
Familiarize yourself with this technical indicator and test it first on a demo account for an extended period of time.
Scalpers and day traders can maximize their profit potential by employing the Breakout Bars Trend indicator during the London and American trading hours.
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The picture below illustrates how the Breakout Bars Trend indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Breakout Bars Trend Indicator?
Find a simple trading strategy below:
- Initiate a buy trade when the dark blue colored breakout bar gets displayed on the chart.
- Add a stop loss below the previous swing low zone.
- Wait for a bearish trend breakout signal to exit the buy trade.
- Optional: close the buy trade for a profit target of your preference.
- Initiate a sell trade when the red colored breakout bar gets displayed on the chart (see chart example above).
- Add a protective stop loss above the previous swing high region.
- Wait for a bullish trend breakout signal to exit the sell trade.
- Optional: close the sell trade for a profit target of your preference.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the breakoutbarstrend.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration