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Super Breakout Indicator - Forex Trading Indicator for MT4
SKU: 2580VF
Overview
The Super Breakout Indicator (FlexBox) is a versatile MetaTrader 4 tool designed to identify breakout trading opportunities with greater flexibility. Unlike other methods, it does not rely on predictable time-based "boxes," allowing it to adapt more dynamically to market conditions.
The FlexBox indicator can be effectively used on any timeframe.
Key Features & Concept
Flexible Identification: Adapts to market movements without a fixed schedule for box formation.
Multi-Timeframe: Can be applied to any chart timeframe (shorter timeframes may require parameter adjustment).
Clear Visuals: Plots dynamic boxes on the chart for easy signal recognition.
How to Use the FlexBox Indicator
1. Entry Signal:
Enter a trade at the close of a bar that is completely outside the FlexBox.
Important: Always wait for the bar to close to confirm a valid breakout.
2. Stop Loss Placement:
Place your stop loss on the opposite side of the box from which the breakout occurred.
For boxes with a small price range, it is advisable to add a few extra pips for a buffer.
3. Take Profit / Exit:
Exit your position when the entry rule is met for a trade in the opposite direction (i.e., when a new breakout bar closes in the opposite direction).
User-Accessible Parameters
| Parameter | Description | Recommended Setting |
|---|---|---|
| ROCPeriod | Determines the sensitivity of the embedded Rate of Change (ROC) indicator that forms the boxes. A higher value makes boxes appear slightly later. | Default: 2 |
| BoxThreshold | A critical parameter. Controls the volatility threshold for box formation. For timeframes shorter than 1 hour, a value lower than the default may be necessary. | Default: 12.0 |
| BoxMinBars | The minimum number of bars required for a box to form before it becomes visible on the chart. | Default: 3 |
| BoxColor | Allows you to customize the color of the boxes displayed on the chart. | Self-explanatory |
Note: The 1-hour timeframe is the recommended starting point for using this indicator with the default settings.
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