Daily Breakout Metatrader 4 Forex Indicator

The Daily Breakout forex indicator for Metatrader 4 is just excellent to trade daily breakout signals.

The indicator draws a daily gray colored box that can be traded easily, either to the upside (buy signal) or downside (sell signal).

I recommend to attach the indicator to the hourly or 4-hour trading chart for best view.

How it works

When price exceeds the previous day high price, this would create a buy order.

When price exceeds the previous day low price, this would create a sell order.

Moreover, it’s also easy to discover the trend of a currency pair.

The trend is up when at least 5 consecutive daily boxes display higher highs and higher lows.

The trend is down when at least 5 consecutive daily boxes display lower highs and lower lows.

Free Download

Download the coloured-days-on-chart.mq4” MT4 indicator

Example Chart

The EUR/USD 4-hour chart below displays the Daily Breakout Forex Metatrader 4 indicator in action.

Basic Trading Signals

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

Buy Signal: Open buy order when price exceeds the previous day high price.

Sell Signal: Open sell order when price exceeds the previous day low price.

Trade Exit: Use your own method of trade exit.

Download

Download the coloured-days-on-chart.mq4” Metatrader 4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: Chart pattern indicator

Customization options: Variable (Number of 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 coloured-days-on-chart.mq4 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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