The Breakout Zones indicator is a MetaTrader 4 (MT4) indicator that can be used with any Forex Trading System. It draws 2 red lines on the chart. The upper red line is called resistance while the lower red line support.
How to trade the indicator:
– A buy breakout trade occurs when the price exceeds and closes above the upper red resistance line. This is the signal to go long.
– A sell breakout trade occurs when the price exceeds and closes below the lower red support line. This is the signal to go short.
Tip: Trade breakouts in the direction of the overall trend
This indicator works with all currency pairs and all timeframes. Once you download and install the indicator, it will appear in your trading chart, like the image shown above.