Forex Breakout Box Indicator
Platform: MT4 Type: Market Levels Last update: October 3, 2024The Forex Breakout Box indicator for MT4 is a comprehensive forex indicator utilizing a breakout trading approach. That gauge draws rectangles (“boxes”) directly on the activity chart, and the signal occurs when the price breakouts its boundaries. You can specify the breakout box begin period and end period.
How to take advantage of the forex breakout box?
The Forex Breakout Box indicator always draws three boxes. The most important one is a blue box.
The blue box is positioned slightly above and below the lightbrown box and marks the breakout levels.
- Long entry point happens at bullish breakout – it occurs when the candlestick crosses and closes above the upper blue box resistance line. Place you stop loss below the lower lightbrown breakout box line.
- A short entry point happens at bearish breakout – it occurs when the candlestick crosses and closes below the lower blue box support line. Place your stop loss above the upper lightbrown breakout box line.
This gauge doesn’t provide exit signals, so you need to use your own preferred method of trade exit or take profit.
