Breakout Panca Eagle Indicator

Breakout Panca Eagle Indicator

Breakout Panca Eagle Indicator For MT4 plots a breakout box based on high and low between 0.00 to 23.00. Forex indicator for Asian session breakout strategy

The Breakout panca eagle indicator for MT4 plots a breakout range based on the daily high and low from 0.00 to 5.30 hours. Forex traders anticipate that the price breakout direction from this high and low will continue for the rest of day. However, traders keep an eye on price reversals and consider breach of high and low of this box as a trading opportunity.

The indicator is simple and easy to trade for new and advanced forex traders. Though the indicator derives the high and low value between the specified times, it works on all chart time frames. Furthermore, the indicator is suitable for intraday trading and may not be applicable for long term trading.

Breakout Panca Eagle Indicator For MT4 Trading Signals

The indicator plots box period till 0.00 to 5.30 as red, while the whole box from 0.00 to 23.00 is green, with the high and low prices marked with blue. According to the indicator the high and low prices during the Asian trading session between 0.00 and 5.30 forms the base for the rest of the trading day. As a result, in this strategy the high acts as resistance and the low acts as support.

The trading strategy is to enter the markets if the price breaks the high or low of the box. If the price breaks and closes above the high or resistance, traders should enter buy trade and place a stop below the low or support. Traders should book profits with a good RR. A similar trading strategy can be followed if the price breaks and closes below the support line or low.

Conclusion
In summary, the Breakout panca eagle indicator for MT4 is based on a time based breakout trading strategy.