DayBreakout Levels

Forex_Indicators Oct 30, 2022 0 638 Add to Reading List

This is a breakout indicator, which is used on a daily basis to capture the price breaks out of the predefined breakout zones. While many traders are known to use it as is without changing default parameter, the indicator is rather a versatile tool that helps to:

- better highlight and visualize the breakout zone
- time your trading on a daily basis (by setting your custom breakout range)

- improve trading discipline (by letting you trade only when it's time to trade)
- filter early insignificant breakouts and tests of the breakout lines
- even helps with possible re-entries later during the day

How to read Breakout indicator signals

The indicator draws colored boxes:

Red box - stretches form the beginning to the end of the breakout zone. This is a no trading zone. Traders have to wait till the red box ends.

Green line - BoxBreakout Offset zone - creates a green buffer above and below the breakout zone. This buffer serves as a filter for:
breakout line tests, noise around the breakout line and it prepares traders to trade.

Blue zone - this is the exact High to Low price range in between the hours that were picked as the breakout range.

DOWNLOAD LINK

Recommended Broker