5-Day Breakout Metatrader 4 Forex Indicator

The 5 Day Breakout forex indicator for Metatrader 4 marks the 5-day high and 5-day low price using two red lines.

This is a forex breakout indicator.

Trading the 5 Day Breakout forex indicator is pretty much self explanatory:

  • A breakout buy signal occurs when price breaks and closes above the 5-day high price
  • A breakout sell signal occurs when price breaks and closes below the 5- day low price

The default day breakout period is set to 5 but can be easily changed from the indicator’s inputs tab.

For instance, if you like to trade the 14 day breakout period, set the value to 14.

Free Download

Download the 5-day-breakout.mq4” MT4 indicator

Example Chart

The EUR/USD Hourly chart below displays the 5 Day Breakout Metatrader 4 Forex indicator in action.

Basic Trading Signals

Signals from the 5 Day Breakout MT4 forex indicator are easy to interpret and goes as follows:

Buy Signal: Initiate a long trade when price exceeds and closes above the 5-day high price red line.

Sell Signal: Initiate a short trade when price exceeds and closes below the 5-day low price red line.

Trade Exit: Use your own method of trade exit.

Download

Download the 5-day-breakout.mq4” Metatrader 4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: Chart pattern indicator

Customization options: Variable (Days) Colors, width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: Breakout

Installation

Copy and paste the 5-day-breakout.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL4 > Indicators (paste here)

Share Now!