Breakout Zones indicator in MetaTrader 4 Download - Free - [TradingFinder]

The Breakout Zones indicator is a useful tool for identifying the breakout of a specific range. Based on the defined timeframe, this indicator determines the highest and lowest prices as resistance and support levels and extends them until the end of the day.

When the support or resistance lines are broken in a specific direction, the market is expected to continue in that direction.

Indicator Specifications

This table briefly outlines the details of this indicator:

Breakout Zones Indicator in an Uptrend

As shown in the EUR/USD chart in the 5-minute timeframe, after breaking the resistance (marked with a blue line), the price retraced twice to the breakout zone and failed to return to this area. Then, the price resumed its uptrend.

Breakout Zones Indicator in a Downtrend

The (USD/JPY) pair in the 1-Hour timeframe is displayed in the chart below. After crossing the support marked with a red line, the price failed to return to this area and continued its downtrend.

Settings for the Breakout Zones Indicator

The image below represents the complete settings of this indicator:

• Chart Theme: The theme of the indicator;
• Zone Start Hour: Start time of the zone;
• Zone End Hour: End time of the zone;
• Entry Offset: Distance between the extended lines and the main zone lines;
• Lines Color: The color of the lines.

Conclusion

The Breakout Zones indicator helps traders gain a clearer view of a zone's resistance or support breakout. With every strong breakout, it becomes possible to identify the price trend's continuation.

Additionally, price pullbacks to the breakout zone are suitable for examining entry points in the direction of the breakout.