The Super Forex Breakout indicator for Metatrader 5 draws a support/resistance channel in the chart based on your own preferred trading hours.
You can input your own preferred trading hours and even minutes.
Based on that information, the indicator will analyze price date and then creates the best possible support and resistance based channel on the price chart.
Basics of the breakout indicator:
- A candle close above the upper resistance line will create a buy signal.
- A candle close below the lower support line will create s sell signal.
The following indicator inputs and parameters can be fully adjusted: period hour begin, period minutes begin, period hour end, period minutes end, area hour end, area minutes end.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
It works for any currency pair (majors, minors, exotics) and time frame.
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The following chart shows how the Super Breakout indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Super Breakout Indicator?
Find a simple trading example below:
- A buy signal occurs when the candle has closed above the upper super breakout indicator channel line.
- Execute a buy order and place a stop loss slightly below the most recent swing low zone.
- Take profit at key resistance levels, or utilize a fixed take profit target of your own preference.
- A sell signal occurs when the candle has closed below the lower super breakout indicator channel line.
- Execute a sell order and place a stop loss slightly above the most recent swing high zone.
- Take profit at key support levels, or utilize a fixed take profit target of your own 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 breakout.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