The Trend Line Buy Breakout Forex indicator for Metatrader 4 draws a trend line on the chart that shows exactly where to buy a currency pair.
The trend line for buy signals appears as a red colored line in the main chart window and identifies turning points in the downtrend.
Trend lines work on pure price action and does not lag the price.
The indicator can be easily combined with other technical tools and trading strategies.
Indicator Chart Example
The picture below shows the Trend Line Buy Breakout indicator attached to the Euro / U.S. Dollar M5 chart.
How to use this Forex indicator?
- Open a buy trade when the candle closes above the red colored trend line.
- Place your stop loss below the most recent swing low level.
- Exit the buy trade for a fixed take profit target or near key resistance.
Here, you can download the Trend Line indicator for sell signals.
How to install the Trend Line Buy Breakout indicator to the Metatrader 4 platform?
- Download the line-frak-up-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