The Forex Breakout Strength Meter indicator for Metatrader 5 uses a special trading formula to identify currencies with the highest probability to breakout.
It also identifies currencies with the lowest probability to breakout and ranks them in the upper left part of the main screen.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the Forex Breakout Strength Meter indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Forex Breakout Strength Meter Indicator?
Find a simple trading example below:
- Buy the highest probability breakout currency versus the weakest.
- Use your own trading strategy or system to identify the best entry and exit points for buy trades.
- Sell the weakest probability breakout currency versus the strongest.
- Use your own trading strategy or system to identify the best entry and exit points for sell trades.
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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 IND_BreakoutStrengthMeter.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