Breakout Box Indicator
Support and resistance indicator. Auto breakout indicator.
A breakout trading is one of the most traded techniques in the forex industry because of its potential to deliver massive pips. The breakout box indicator for MetaTrader is the best forex indicator for trading breakouts. The indicator identifies and automatically draws a rectangle box around a significant support or resistance zone.
This MT4 indicator does the technical analysis on timeframes that are less than 4hours. It doesn’t draw the rectangle boxes on timeframes that are higher than H1. It is also worthy to state that the breakout box indicator works best on the H1 timeframe. Additionally, the indicator can also be incorporated into different trading styles such as scalping, day, and intraday trading.
The indicator can potentially add more value to your trading because it helps you to easily identify a valid support or resistance level. With such information, you can make trading projections and be prepared for further price movement.
The breakout box indicator would be of immense benefit to novice traders that may not know how to spot significant support or resistance levels. Of course, expert traders are not left out as the indicator also makes technical analysis easy for them. You only need a glance at your chart to know what the market is trying to do.
Breakout Box Indicator BUY/SELL Signals
The picture above is a GBPUSD chart that shows how the breakout box indicator looks on a forex dashboard. The annotations on the other hand demonstrate how to find a high probability BUY/SELL signal with the breakout box indicator.