The Forex Breakout Channel indicator for MT4 identifies and draws the best channel breakout levels for both buy and short trades.
The indicator draws two colored trend lines on the chart that act as support and resistance.
In essence, buy a break above the resistance channel line and sell a break below the support channel line.
It’s recommended to trade price breakouts in the direction of the overall trend.
Buy & sell signal:
- Open a buy trade when the candlestick closes above the blue resistance channel line.
- Open a sell trade when the candlestick closes below the red support channel line.
From our testings, the indicator does not repaint and works for any currency pair and time frame without slowing down the trading platform.
It can be used as a standalone technical tool or it can be combined with other technical indicators and trading strategies.
Try first on a demo account until you fully understand how this indicator works!
Indicator Chart Example
The picture above shows the indicator attached to the U.S. Dollar / Japanese Yen chart.
How to install the Forex Breakout Channel indicator to your Metatrader 4 platform?
- Download the i-skb-f-indicator.mq4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration