Free Forex Indicators (MT4), Trend Following Indicators
Support & Resistance Breakout Arrows
By Arun Lama
Published On
Support & Resistance Breakout Arrows is a forex breakout indicator. It is able to outline the price ranges by identifying potential support and resistance and plots trade signals whenever there is a successful breakout.
Traders who are fascinated by the thrill of breakout trading are welcome to try this stable trading tool.
Support & Resistance Breakout Arrows can be applied to trade all kinds of forex currency pairs listed in the financial markets. Moreover, this breakout tool suits all sorts of timeframe charts within your forex MT4 trading platform.
Download the indicator and install it on your MT4 terminal. Once you’re done, your trading chart will transform like the following image:
Support & Resistance Breakout Arrows Explanation
Support & Resistance Breakout Arrows looks pretty simple in demonstrating its forex breakout trade signals but in the background, there is a different scenario about its calculation process. It includes 14-RSI, parameterized as an overbought situation at its 75, and oversold at its 25 levels.
It also adds a 14-day CCI that signals for long when its value rises above 50 and plots short signals when its value drops below -50. The support and resistances are plotted using blue and red dotted lines respectively.
Whenever potential support and resistance are broken, the indicator plots an arrow signal pointing to the next possible direction of the price movements. It also provides an onscreen alert system so that you never miss a breakout trading opportunity.
Support & Resistance Indicator: Buy Conditions
Price closes as a bullish candle above the current resistance line
An arrow appears below the respective bullish candle pointing upwards
Buy triggers after the above conditions are done
Set stop loss below the current support level
Exit long/take profit whenever the indicator plots an arrow pointing downwards
I have been actively trading the financial markets since April 2012. Besides trading with my personal money I am a technical analyst in a mutual fund that has Rs. 1 billion in assets under management. At my leisure, I love attending live music, traveling, and partying with friends.
Risk Warning: Trading in the forex market is very risky. Thus, it is may not be for everyone. A highly leveraged position can work against the trader when the trade does not work as expected. Trading in the forex market can cause to lose a significant portion of the capital or all of the capital. It is crucial to learn about the trading and gain enough experience in the demo account before trading with real money. The trading strategies published on this website do not guarantee profit as the market is dynamic and unpredictable. The past performance of a strategy is not the indicative of future performance. Trend Following System will not accept any kind of liability or damage caused by trading the strategies published on this website.
