The Breakout Pattern Indicator MT4 is a straightforward forex indicator that signals market breakouts. The indicator displays open triangles that indicate the breakout, and they come in two colors: blue and red. A blue triangle appears during an uptrend, while a red triangle appears during a downtrend. This pattern has proven to be highly effective in the forex market, therefore, let’s examine it more closely.
Introducing the Breakout Pattern Indicator
MT4 Indicator Overview
The download link of the Breakout Pattern MT4 indicator is placed at the bottom of this post. Once you’re done, your Metatrader 4 trading chart should look similar to the example below.
As mentioned earlier, that gauge presents signals in the form of triangles, along with arrows that confirm the pattern. A red arrow appears after the downtrend triangle, while a blue arrow appears after the uptrend triangle. The pattern’s formation indicates the trend’s direction, allowing traders to take positions accordingly. What’s more, the Breakout Pattern Indicator works well on every timeframe.
The above chart shows more of the Breakout Pattern in action. As you can see, it placed bullish triangles twice. Every time the pattern occurred, a strong upward impulse happened. Although you are free to use this indicator as a standalone trading tool, you can also use it in conjunction of other technical analysis indicators like RSI.
As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.
These are available settings to customize.
How to set up that MT4 indicator in your trading platform?
Download the breakout-pattern-indicator-mt4.rar archive at the bottom of this post, unpack it, then copy and paste the breakout-pattern.ex4 or breakout-pattern.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The MT4 Breakout Pattern indicator is ideal for traders who utilize breakout trading strategies, with a high level of efficiency that can be enhanced further by confirming signals with other tools. The triangles displayed on the chart can assist in trade preparation and forecasting momentum in the direction of the trend. You can download this indicator for free and see its results for yourself. We rate it as one of the best breakout indicators, hands down.
Download Free Forex Breakout Pattern MT4 Indicator
To download the Breakout Pattern Indicator for Metatrader 4 (MT4) for free just click the button below:
Breakout Pattern Indicator Free Download