As the name suggests, the Steinitz Fractal Breakout indicator for Metatrader 4 provides buy/sell signals based on Fractals.
The indicator appears in the main MT4 charts a 3 colored signal lines together with buy & sell arrows.
It’s a versatile indicator that can be used in various ways. Please find an example below.
Buy & sell trade idea:
- Open a buy trade when the candlestick is positioned above all 3 signal lines and a green arrow appears on the chart (strongly bullish).
- Open a sell trade when the candlestick is positioned below all 3 signal lines and a red arrow appears on the chart (strongly bearish).
The indicator can be used as a standalone trading tool for both trade entry and exit.
It can also be used as an additional signals indicator that works together with an existing trading strategy or system of your preference.
Free Download:
Download the “Steinitz fractal breakout.mq4” indicator for MT4
Indicator Example Chart (EUR/USD H4)
The picture below shows the Steinitz Fractal Breakout mt4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit strategy when using the Steinitz Fractal Breakout Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Breakout
Does the indicator repaint? No.
Download Now:
Download the “Steinitz fractal breakout.mq4” indicator for Metatrader 4
How to install this indicator on Metatrader 4?
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the Steinitz fractal breakout.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.