The Morning Forex Breakout system for Metatrader 5 generates support and resistance lines positioned below and above a predetermined trading range.
Flexibility, you have the ability to define the trading range by selecting the desired number of trading hours.
To make use of the Morning Breakout system, follow these steps:
- A candle close above the trading range creates a buy signal.
- A candle close below the trading range creates a sell signal.
This particular Forex system is most effective when applied to the EUR/USD, GBP/USD, and GBP/JPY currency pairs.
Various indicator inputs and parameters can be adjusted according to your preferences, including the range check time, display of levels in history, display of comments, resistance color, and support color.
Before applying this Forex system to live trading, it is recommended to familiarize yourself with its functionality and performance by testing it on a demo account.
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The picture below illustrates how the Morning Forex Breakout system looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Morning Forex Breakout System?
Find a simple trading example below:
- Wait for the candle to close above the blue colored resistance line.
- Open a buy trade and set your stop loss below the orange colored support line.
- Close the buy trade for a fixed take profit target of your preference.
- Wait for the candle to close below the orange colored support line.
- Open a sell trade and set your stop loss above the blue colored resistance line.
- Close the sell trade for a fixed take 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 i-morningrange.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