Daily And Weekly Price Breakout Metatrader 4 Forex Indicator

This simple MT4 indicator displays the previous weekly high and low price + previous daily high and low price.

It’s a great price action indicator that can be used to trade daily and weekly price breakouts.

The indicator plots the H-L levels directly on the trading chart.

How to trade price breakouts?

  • A buy breakout occurs when price closes above the daily or weekly high price.
  • A sell breakout occurs when price closes below the daily or weekly high price.

Free Download

Download the “DayWeekHL_v1.ex4” MT4 indicator

Example Chart

The GBP/CHF 15-Minute chart below displays the Daily/Weekly Price Breakout Metatrader 4 forex indicator in action.

Basic Trading Signals

Signals from the Daily/Weekly Price Breakout MT4 forex indicator are easy to interpret and goes as follows:

Buy Signal: Open a buy trade when price closes above the daily or weekly high.

Place a stop loss below support or use your own preferred SL method.

Sell Signal: Open a sell trade when price closes below the daily or weekly high.

Place a stop loss above resistance or use your own preferred SL method.

Download

Download the “DayWeekHL_v1.ex4” Metatrader 4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: chart window indicator

Customization options: Variable (colors) Width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly

Type: price action breakout trading

Installation

Copy and paste the DayWeekHL_v1.ex4 indicator 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)

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