Swing High Low Breakout Forex MT4 Indicator
The swing high and low breakout forex indicator displays interesting levels of support and resistance on the chart.
It’s an excellent indicator to trade breakouts from previous support and resistance levels found on the Metatrader 4 chart for good profit.
The swing Forex indicator displays support low and resistance high levels as follows:
- A blue triangle represents support low.
- A red triangle represents resistance high.
It makes it easy for any trader to trade a breakout above the resistance high or below support low.
It’s recommended to use the swing high and low breakout forex indicator together with a trend following indicator or with price action to increase the number of winning trades.
Feel free to explore this breakout Forex indicator’s different parameters and settings to create your personalized indicator setup.
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Swing High And Low Breakout Forex Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
This indicator works for any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With The Swing High And Low Breakout Forex Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy breakout Forex trade when price closes above the most recent red triangle.
Place a protective stop loss 3 pips below previous swing support, or use your own stop loss placement strategy.
Close the buy trade at major resistance or for at least reward/risk ratio of 1.3 or higher
Alternatively, go for a fixed take profit target, for example, exit the buy breakout trade for 25 pips on the 5-minute chart.
Sell Trigger: Open a sell breakout Forex trade when price closes below the most recent blue triangle (see chart).
Place a protective stop loss 3 pips above previous swing resistance, or use your own stop loss placement strategy.
Close the sell trade at major support or for at least reward/risk ratio of 1.3 or higher
Alternatively, go for a fixed take profit target, for example, exit the sell breakout trade for 40 pips on the 30-minute day trading chart.
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Right strength, left strength, stair step, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trend indicators (Moving Average, Bollinger Bands, ADMI, Parabolic SAR,…)
- 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
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.