This multi-timeframe breakout forex indicator for MT4 is built on the concept of price behavior, which determines whether prices will break through support or resistance, or reverse their price behavior through an ascending or descending trendline.
The indicator will alert the user when a breakout occurs. This means that traders will profit from trading opportunities that align with the breakout.
How do I trade with the Multi-Time Frame Breakout Indicator?
Once you have mastered the basics about the indicator, the next step is to understand how to apply it for trading. The first step is to learn a trading strategy based on the indicator.
Multi-Time Frame Breakout Buying Strategies
Make pop-up cues in the right range and wait for a breakout of the downtrend line to occur.
When the breakout occurs, stay alert, but stay focused until the candlestick closes for value.
Make long trades after the candlestick close. If you want to take a more conservative option, you can wait patiently for the trendline breakout to return.
Set your stop loss at just below the swing low.
Place profit zones near the closest resistance areas.
Multi-Time Frame Breakout Sell Strategy
Always watch for a breakout of an uptrend line before letting it close.
Trade immediately, you can also sell when price tests the trendline breakout.
Reduce risk by placing a stop loss close to the high of the local area.
Make sure you mark the take profit level close to the next support level.
There is no perfect strategy, so there is always the possibility of failure. Try a surefire tool such as a moving average, or RSI to improve your chances of success.