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.
Support & Resistance Breakout Arrows Overview:
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
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Support & Resistance Indicator: Sell Conditions
- Price closes as a bearish candle below the current support line
- An arrow appears above the respective bearish candle pointing downwards
- Sell triggers after the above conditions are done
- Set stop loss above the current resistance level
- Exit short/take profit whenever the indicator plots an arrow pointing upwards