Hans Breakout Metatrader 4 Forex Indicator
The Hans Breakout MT4 indicator marks the high and the low of a predefined time span.
This makes it easy for anyone to trade range breakout signals.
Here’s how to trade the Hans breakout:
- A buy breakout signal occurs when the price bar closes above the upper Hans resistance line.
- A sell breakout signal occurs when the price bar closes below the lower Hans support line.
For better performance, trade breakouts from the Hans Metatrader 4 indicator in the direction of the overall trend.
It’s wise to combine the indicator with a trend following forex indicator.
For instance, combine with the 100 period simple moving average or Bollinger Bands.
- Overall trend upwards? Trade buy breakout Hans signals and ignore the sell breakout signals.
- Overall trend downwards? Trade sell breakout Hans signals and ignore the buy breakout signals.
Try this for any trade style of your preference.
The EUR/USD 1-hour chart below displays the Hans Breakout Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Hans Breakout MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a long trade when price breaks above the upper Hans resistance line. Confirm that the overall trend is up. Place a stop-loss below short-term support.
Sell Signal: Initiate a short trade when price breaks below the lower Hans support line line. Confirm that the overall trend is down. Place a stop-loss above short-term resistance.
Trade Exit : Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (pips for entry) 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 hans-indicator.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)