TradeBreakOut MetaTrader indicator | FREE Forex Trading Indicator
TradeBreakOut (MetaTrader indicator) shows how far the current price (Close or High/Low) is from breaking out of recently set support or resistance levels, which are detected using local minimums and maximums.
- L (default = 50) — period of the indicator. The higher is the value the less breakouts are signaled but the better their quality.
- PriceType (default = 1) — type of price to be used in calculations. In theory, Close is better for daily/weekly timeframes, High/Low is better for short-term timeframes. In MT4: 0 – Close, 1 – High/Low. In MT5: self-explanatory parameter values.
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The TradeBreakOut indicator is shown in the chart above with its default settings. When the green line from below reaches zero, it indicates a bullish breakout of the local maximum. When the red line from above reaches zero, it indicates a bearish breakout of the local minimum. The greater the distance between the line and the zero level, the less likely its breakout.
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