You can now download the TradeBreakOut indicator for free on AtoZ Markets indicators gallery.
TradeBreakOut (MetaTrader indicator) indicates the distance of the current price (Close or High/Low) from breaking out of the recently set support or resistance levels, which are detected using local minimums and maximums.
L (default = 50) — period of the indicator. The higher is the value the less breakouts are signaled but the better their quality.
PriceType (default = 1) — type of price to be used in calculations. In theory, Close is better for daily/weekly timeframes, High/Low is better for short-term timeframes. In MT4: 0 - Close, 1 - High/Low. In MT5: self-explanatory parameter values.
How to trade with TradeBreakOut indicator
The chart above displays the TradeBreakOut indicator at its default settings. When the green line reaches zero level from below, it means a bullish breakout of the local maximum. When the red line reaches zero level from above, it means a bearish breakout of the local minimum. The bigger is the distance from the line to zero level the less probable its breakout.
How to download and install an indicator
In order to install the indicator on your MT4 or MT5 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT5>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the "TradeBreakOut" indicator template to apply it on the chart.
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Note: This indicator was developed by a third party. AtoZ Markets does not carry any copyrights over this trading tool.