Multi Time Frame Breakout Indicator
Try the best indicator for automatically detecting the trendline breakout.
CATEGORIES: TREND, MT4, SIGNAL
Updated on: 27.10.2023
The Multi Time Frame Breakout Forex indicator for MT4 is based on the principle of price action that determines whether a price will break the resistance or support in the form of an ascending or descending trendline or reverse the course of action.
As the name suggests, the indicator is coded to help the traders automatically plot the trendlines on the price chart. The trendlines encapsulate the price consolidation. If a breakout occurs, the indicator alerts in the MetaTrader 4 platform. Thus, the trader can grab the opportunity to trade accordingly.
How to trade Multi Time Frame Breakout indicator?
Once you know the basics about the indicator and its objectives, the next is to learn to use it in your trading. First, let’s learn the trading strategies based on the indicator.
Multi Time Frame Breakout buy strategy
Put the popup alert value true and wait for a breakout of descending trendline to occur.
As soon as the breakout occurs, get alert but hold on until the current candlestick closes its value.
Enter the long trade after the candlestick closes. For a conservative approach, you can wait for the retest of the broken trendline.
Place stop-loss below the swing low.
Place the take profit around the nearest resistance area.
Multi Time Frame Breakout sell strategy
Always wait for the ascending trendline to break and let the candlestick close.
Enter the short trade instantly, or you can sell when the price retests the broken trendline.
Limit your risk with a stop-loss order just above the local highs.
Mark the take profit level near the next support level.
Conclusion
You can try the Multi-Timeframe Breakout indicator on different timeframes. Also, try to optimize the strategy by applying it to different trading instruments. There is no perfect system; hence, the probability of loss always exists. You can look for a confirmatory tool like moving average or RSI to increase your success rate. You can also go for a conservative approach to trade only on a retest. It will also increase your odds of success.
You must be logged in to post a review.
Copyright 2025
Reviews
There are no reviews yet.