Profitable Breakout Box Indicator Vs Trading View Breakout Indicator
Nowadays breakout box indicator for Mt4 is very famous among traders. It helps them to find the breakouts at the proper time for their scalping and day trading needs. This indicator consists of a box and it calculates the support and resistance level breakouts.
Understanding How the Breakout Box Indicator Works?
The breakout indicator generally works best on the 1-hour chart and traders also use this indicator on the 4-hour chart for swing trading. This indicator will automatically draw the boxes on any chart and helps traders save time and effort. You can easily use this indicator for scalping, day trading, and intraday trading.
This indicator is helpful for new bie traders who want to look for further support and resistance zones which is a hard job.
How To Use The Breakout Box Indicator as Buy Sell Signals
The above image is for CHFJPY 30-minute chart. As you can see here we have automated boxes ready to trade on the chart. If we look at the second signal we can see a breakout above the rectangle and the price went into the upward direction. From the top price breakout down and then we have seen a downtrend on the chart. The last signal shows the bullish breakout again.
Best Way To Use This Indicator
Follow The Market trend:
If you want to improve your trading game then first of all find the main general trend on the pair. Once you find the major trend then look for a breakout in the same direction. For example, If there is an upward trend then wait for a bullish breakout above the rectangle for a BUY trade.
Retest of Box:
The other way to trade is to retest on the box given by the indicator. For example, Once you see a bullish breakout then wait for the price to come and restest the same box, and then with a candlestick pattern you can place your trade. This becomes a much safer entry.
How to Download this Indicator for Mt4:
Just go to Google and write the breakout box indicator for mt4 and you will see the same indicator available for free to download on many websites in the first 5 results. Now the question arises Is there any other best breakout indicator than it? The answer is Yes. Now I am going to give a free trading view best breakout indicator which is far better than the mt4 version.
Breakout Finder Indicator Trading View by (LonesomeThe)
This is one of the best trading view Breakout Indicators. This is free to use for everyone. You need to go to tradingview.com. Open any chart go inside the indicator database and search for breakout finder and choose the first one that author LonesomeThe writes.
This indicator is straightforward because it shows boxes plus buy-sell signals which makes it very easy for traders to take their entries.
Conclusion:
I have tested both indicators and found the trading view indicator by LonesomeThe to be very accurate and easy for traders.
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