The Simple Forex Breakout indicator for Metatrader 5 is a simple technical tool used to identify potential breakout opportunities in the price chart.
The best breakout trades happen when price breaks and closes through significant support and resistance levels found on the higher time frames.
It may indicate a shift in market momentum. From bullish to bearish or bearish to bullish.
Understanding the Simple Forex Breakout indicator:
- The light-blue colored indicator zone is considered bullish.
- The magenta colored indicator zone is considered bearish.
- The blue colored middle line is bullish, look to buy.
- The red colored middle line is bearish, look to sell.
The following indicator inputs and parameters can be customized: colors, style
Make yourself familiar with this technical indicator and test it first on a demo account until your fully understand how it works.
It works for any currency pair (majors, minors, exotics) and time frame.
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The following chart shows how the Simple Forex Breakout indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Simple Forex Breakout Indicator?
Find a simple trading example below:
- The breakout indicator should be trending up (higher highs and higher lows).
- Execute a buy order when the candle crosses back above the blue colored middle line.
- Take profit at significant resistance levels, or utilize a fixed take profit target.
- The breakout indicator should be trending down (lower highs and lower lows).
- Execute a sell order when the candle crosses back below the red colored middle line.
- Take profit at significant support levels, or utilize a fixed take profit target.
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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 KiS_max_min_Avg.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