Forex Breakout Box Indicator for MT4

Introduction to the Forex Breakout Box Indicator

The Forex Breakout Box indicator 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.

It fits all kinds of timeframes and currency pairs.

The indicator is displayed directly on the main trading chart.

The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.

How does it work? How to apply in trading?

Trading Rules Explanation

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.

The Forex Breakout Box indicator doesn’t provide exit signals, so you need to use your own preferred method of trade exit or take profit.

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.

How to set up the Forex Breakout Box indicator in MT4?

Installation Guide

Download the Forex Breakout Box.rar archive at the bottom of this post, unpack it, then copy and paste the Forex Breakout Box.ex4 or Forex Breakout Box.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.

Bottom Line

The Forex Breakout Box indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.

Download Free MT4 Forex Breakout Box Indicator

To download the Forex Breakout Box Indicator for Metatrader 4 (MT4) for free just click the button below:

Forex Breakout Box Indicator Free Download

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