Free Forex Indicators (MT4), Trend Following Indicators

TZ Breakout Indicator

TZ Breakout Indicator defines the highs and lows of a market range that helps the breakout traders to define possible breakout points of the price movements. It is a complete price action-based forex trading indicator. Newbie traders may require some chart pattern experience in order to understand how the price reacts at the key market levels defined by the indicator.

TZ Breakout Indicator works like a universal key when applied for forex trading purposes. This is because it can be applied to trade all kinds of forex currency pairs and also suits all sorts of timeframe charts within the MT4 platform.

TZ Breakout Indicator Overview

Download the Indicator and install it on your MT4 terminal. Once you’re done, your trading chart will appear like the image below:

TZ Breakout Indicator Overview

TZ Breakout Indicator Explanation

TZ Breakout Indicator continuously monitors the changes in market momentums and marks the highs and lows of an ongoing market range. The upper levels of the indicator are defined as the breakout resistance and the lower one as the breakout support.

TZ Breakout Indicator Explanation

As a breakout trader, you’ll need to wait until the support or resistance level outlined by the indicator is broken. Once a breakout occurs, a trade can be placed according to the direction of the price movements.

In general, concept, buy at the break of the breakout resistance and sell at the break of the breakout support of the indicator.

TZ Breakout: Buy Conditions

TZ Breakout Buy Conditions
  • Price moves above the breakout resistance level
  • A bullish candle is plotted at the same time
  • Buy triggers after the above conditions are met
  • Set stop loss at the middle of the breakout support and resistance levels
  • Exit long or take profit whenever a bearish candle is plotted right below the breakout resistance level

Also Read: XM Broker Review

TZ Breakout: Sell Conditions

TZ Breakout Sell Conditions
  • Price moves below the breakout support level
  • A bearish candle is plotted at the same time
  • Sell triggers after the above conditions are met
  • Set stop loss at the middle of the breakout support and resistance levels
  • Exit short or take profit whenever a bullish candle is plotted right above the breakout support level

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I have been actively trading stocks and currencies since April 2012. Besides trading with my personal money I am a technical analyst in a mutual fund which has Rs. 1 billion in assets under management. At my leisure, I love attending live music, traveling, and partying with friends.

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About Trend Following System

Trend Following System's goal is to share as many Forex trading systems, strategies as possible to the retail traders so that you can make real money.

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.