The 5-day easy breakout Forex indicator for MT4 can be used to trade powerful buy and sell breakouts that occur on the daily chart.
It’s ideal for traders who have little time to trade.
The indicator marks the 5-day high and low price with two red lines and displays both values in the upper left part of the chart.
The basics of breakout trading is very simple to understand and trade:
- A buy breakout occurs when price closes above the 5-day high price.
- A sell breakout occurs when price closes below the 5-day low price.
The indicator gives you the option to change the number of days.
For instance, change the number of days to 10 if you want to trade the 10-day breakout price.
Download This MT4 Forex Indicator Free
Download the “5-day-breakout.ex4” Metatrader 4 indicator
5-Day Easy Breakout Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With 5-Day Easy Breakout Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open buy breakout trade when currency pair price closes above the 5-day high price.
Place stop loss below the most recent swing low price.
Close at a fixed take profit target, for example 100 pips or use your own favorite take profit strategy.
Sell Trigger: Open sell breakout trade when currency pair price closes below the 5-day low price.
Place stop loss above the most recent swing high price.
Close at a fixed take profit target, for example 100 pips or use your own favorite take profit strategy.
Download This Forex Indicator Now
Download the “5-day-breakout.ex4” MT4 indicator
Adjustable Parameters
Number of days, colors, width, style.
Usage
The indicator can be used as a stand-alone breakout signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: breakout
Installation
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.
