Fx Breaker Block Indicator mt4

Description

hows both bearish and bullish break blocks
Option to show only bearish or bullish break blocks
Set the number of candles to be viewed backwards for break blocks
Adjustable ‘Depth’ to allow selection of major and minor reversal points
The length of the marker field
Alerts as popup, push & email

Breaker Blocks MT4 Indicator

 

• Depth of Zigzag (Minimum 4 Maximum 36) This setting will determine the number of bars that must be used that can be used without an additional minimum or maximum deviation from the bar (Changing the parameters of this setting will alter the duration of swings)
• Look-back Candle Set the number of candles indicator looks back at to highlight blockages in breaker circuits
• Display Option – It allows you to show:
  • Both Bullish and Bearish breakers
  • Blocks that are bullish only
  • Only bearish breaker blocks
  • Hide all blockers to breaker
• Additional OB Box Length adjusts the length of the highlight box. IE:
  • Zero (0) will extend the box up to the current candle
  • Setting 50 will allow the box to hold 50 candles over the breaker block’s qualifying candle, etc.
• Breaker Box Filling Option Fill Option for Breaker BoxChoose to highlight the breaker box as an outline or filled color box
• Bull Breaker Box color –Select the color you want to use
• Bear Breaker Box color– Choose the color you want to use
• Alerts
  • Popup Alert The alert will open a pop-up window and an alert sound
  • Push Alert – Alert will trigger a text message sent to your mobile phone
  • Email Alert – Alert will trigger a text message that will be sent to your email address

A little refresher about Breaker Blocks

Breaker blocks are essentially the result of an order block that didn’t hold (price did not respect it and broke right through) after taking liquidity.

Breakers are created by stop-hunts conducted in the general case of smart money have snatched an immediate high or low, then quickly reversed into the trend. After the price reverses and returns to the block that broke it (mitigating the losses) This is when we should focus on possible trade entry points.

The Bullish Breaker block:

A Bullish breaker can be described as the candle that closes up in the swing low before price making a higher-high. It is valid after stops are placed below a previous swing low and price reverses, then is above the swing-high that includes the candle that is a breaker:

The Bearish Breaker block:

A Bearish Breaker is the final candle that closes down in a swing high prior to price makes lower lows. It is valid when the stops are taken above a previous swing high the price reverses and is below the swing low that contains the breaker candle.

When price returns to a Breaker block:

• It should react to either the open or 50% level (equilibrium) of the breaker candle

Indicator Display Options:

 

Option to display only bullish or bearish breaker blocks:

 

The Alert triggers when the ‘qualifying’ candle CLOSES:

 

The trade entry occurs later, if/when price retraces to the breaker block to mitigate::

Wicks is a matter of concern?

• Wicks DOcount for the candle that creates either the lower low or the higher high.
• Wicks do not be counted for a candle that has broken lower or higher than the prior swing point to be considered a breaker block. the candle must close below or above in order for the break block to appear on the chart.

 

Only Bullish Breakers with a LOWER LOW FIRST are eligible as breaker

NOTE: WICKS DO COUNT(as well as an candle’s body) for the bearish candle that creates this lower low.

 

WICKS that break BELOW the previous high of a swing do not countand don’t qualify to show the breaker box (and cause the alarm). A candle must close above the previous swing-high in order to be able to qualify the breaker block.

 

Only bearish breakers who make an OVER HIGH FIRST can qualify as breaker

Notice: WICKS DO COUNT(as well as a candle’s body) for the bullish candle which makes this HIGHER High

 

Candles that fail to break lower than the previous swing-low do not countand don’t qualify to highlight the breakers box (and activate the alarm). A candle must close below the previous swing low to be able to qualify the breaker block.