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The Breakout Box with Arrow Indicator is developed to identify price breakouts from key areas in various markets, especially the Forex market. This trading tool in MetaTrader 5, relying on user defined settings, marksprice reaction levels as a box.
The Breakout Box with Arrow Indicator issues buy and sellsignals when the boxes are broken.
Specification Table of Box Breakout Indicator
The table below describes the specifications of the Breakout Box with Arrow Indicator:
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Indicator Categories:
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Support & Resistance MT5 Indicators
Signal & Forecast MT5 Indicators
Levels MT5 Indicators
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Platforms:
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MetaTrader 5 Indicators
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Trading Skills:
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Elementary
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Indicator Types:
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Breakout MT5 Indicators
Reversal MT5 Indicators
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Timeframe:
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Multi-Timeframe MT5 Indicators
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Trading Style:
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Swing Trading MT5 Indicators
Scalper MT5 Indicators
Day Trading MT5 Indicators
Fast Scalper MT5 Indicators
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Trading Instruments:
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Forex MT5 Indicators
Crypto MT5 Indicators
Stock MT5 Indicators
Commodity MT5 Indicators
Indices MT5 Indicators
Share Stock MT5 Indicators
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Buy Trade Signal of the Box Breakout Indicator
On the 30-minute EUR/USD chart, a sharp and strong upward trend forms after the price breaksabove the specified range.
During this period, the Breakout Box with Arrow Indicator recognizes the breakout as a suitable opportunity and issues a buy signal by displaying a blue arrow on the chart.
Sell Trade Signal
Based on the analysis of the Silver vs US Dollar (XAG/USD) chart on the 1-hour time frame, the price drops below the lowerrange, and a candle closes outside this area.
Under these circumstances, the indicator recognizes the breakout and issues a sellsignal by displaying a pinkarrow on the chart.
Breakout Box with Arrow Indicator Settings
The adjustable parameters in the Breakout Box with Arrow Indicator settings are as follows:
- PreviousCandle: Set the indicator display value based on the candle
- The highest box height (Pipet): Box height based on pipets
- The largest box size (Candle): Box size based on candles
- Shift: Move to the right by a specified number of candles
- BoxColor: Box line color
- BoxStyle: Box line style
- Box Width: Box line thickness
Conclusion
The BreakoutBox with Arrow Indicator identifies key marketzones using horizontal lines at upper and lower price levels. When the price breaks these levels, trading signals appear as colored arrows on the chart.
The Breakout Box with Arrow Indicator is highly flexible and can be used in various trading strategies. It also helps improve analysis accuracy.
Is the Box Breakout Indicator suitable for small time frames?
Yes, the Breakout Box with Arrow Indicator is multi-timeframe and can be executed and used in all time frames.
When does the Box Breakout Indicator issue trading signals?
The Breakout Box Indicator issues signals when the specified zones are broken from above or below.