The 3 Tier London Breakout Indicator for MT4 offers signals based on the London breakout method.
The goal of the London Breakout technique is to make money from the trading range that exists before the London opening session.
The indicator is suitable for traders of all levels of experience, but it is recommended to use it on just six currency pairs with good risk management.
The 3 Tier London Breakout Indicator shows the amount of pips and BO on the chart. It suggests that after these many pips, the Breakout will happen. It’s important to use the indicator in conjunction with other chart analysis for better results.
The 3 Tier London Breakout Indicator generates buy and sell alerts using the London Breakout technique. It depicts the breakout (BO) and the number of pips on the chart.
The indicator also displays three types of boxes on the chart: max/min, limit, and stick, which represent the price range.
When the indicator generates a BUY target, it indicates a BUY signal and the long position’s profit target is the BUY target. When it generates a SELL target, it signals a SELL signal and the sell target is the take profit target or short trade.
- An upward trend is indicated by the market trend indicator.
- The breakout takes place in the direction of the market trend indicator’s upward movement.
- Set up a buy position.
- Stop loss below current market swing lows.
- Place the take profit at the closest area of resistance.
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- A downward trend is indicated by the market trend indicator.
- The breakout takes place in the direction of the market trend indicator that is downtrending.
- Activate a sell position.
- Stop loss above current market swing highs.
- Place your take profit order at the closest support area.