Camarilla Breakout Metatrader 4 Forex Indicator
The Camarilla forex indicator for Metatrader 4 is used to trade logical price breakouts.
It is based on the pivot point along with breakout price levels for both long and short trades.
The Camarilla forex indicator displays the following breakout levels on the MT4 chart:
L3 Long, H3 Short, H4 Long Breakout, L4 Short Breakout, L5 SB Target and H5 LB Target.
The two most interesting breakout levels to keep an eye on are H4 Long Breakout and L4 Short Breakout.
- For buy breakout trades, price must touch the H4 Long Breakout level
- For sell breakout trades, price must touch the L4 Short Breakout level
The EUR/USD 30-Minute chart below displays the Camarilla Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Camarilla MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade when price touches the H4 Long Breakout level from below and take profit at the H5 LB Target price.
Sell Signal: Open sell trade when price touches the L4 Short Breakout level from above and take profit at the L5 SB Target Target price.
Trade Exit: Take profit at the aforementioned price targets or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (alerts, pivot, fibs, support, resistance) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the camarilla.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)