Breakout Panca Eagle Indicator for MT4

breakout panca eagle indicator

Breakout Panca Eagle Indicator for MT4 is Breakout indicator which each day creates a box of breakout zone. Once this box is breached we cen enter buy or sell position and take some profit.

This indicator will better visualize and highlight daily breakout zone, improve trading discipline so that you will trade only when its good to trade and wait when its good to wait. Breakout Panca Eagle Indicator for MT4 should filter any insignificant breakouts.

Colors of this indicator:

  • BLUE zone: it symbolizes HIGH and LOW of the candle range in between specified hours
  • GREEN zone: this is a border above and below the BLUE zone. It gives you a warning that a breakout should happen soon and it will serve as an noise zone
  • RED lined box: This is a zone where you should not trade and wait for PA (Price Action) to exit the RED zone.

This are the available settings for Breakout Panca Eagle Indicator:

  • Breakout PANCA EAGLE indicator settingsNumberOfDays: Shows how much history to show. For weeker computers use less days
  • periodBegin: Hour and minute when the Breakout Panca Eagle Indicator starts to draw the BLUE zone
  • periodEnd: Hour and minute when RED zone ends
  • BoxEnd: Hour and minute when the blue zone ends usually end of the day
  • BoxBreakOut_Offset: This is the number of pips for the GREEN zone
  • BoxHLColor: Color for the BLUE zone
  • BoxBreakOutColor: color for the GREEN zone
  • BoxPeriodColor: color for the NO TRADE RED zone

 

Breakout Panca Eagle Indicator for MT4

Download 6.76 KB 2697 downloads
File
Breakout_PANCA_EAGLE.mq4

 

How to install Breakout Panca Eagle Indicator in MetaTrader 4 / MT4:

  1. Download/Copy/Save the MQ4/EX4 file into your C:\Program Files\MetaTrader 4\experts\indicators folder (or change the folder to your installation sometimes forex broker name)
  2. Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
  3. On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
  4. Locate the indicator which you have just downloaded into the folder stated in Step 1
  5. Drag (Click and drag) the indicator onto the chart
  6. Choose your settings and click OK.
  7. TADA and your done!

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2 Responses to Breakout Panca Eagle Indicator for MT4

  1. Don October 4, 2014 at 21:38 #

    I like this concept and the indicator seems decent on my chart, however, is there a way I can shut off the numbers and words on the box. Having the color is enough, as on my laptop it makes it really hard to see the candles.

  2. Ben December 2, 2014 at 19:50 #

    Nice indicator based on a good idea but has a terrible flaw! It assumes that all server times are correctly set up to be in sync with the FX trading day. The FX trading day begins at 5 pm NY time. Therefore 00:00 on an MT4/5 platform chart should be 5 pm in NY. If that is not how the server time, shown at the top of the Market Watch list and what determines the time on a chart, is set up it does not seem possible to correctly set up Breakout Panca Eagle Indicator.

    For example if it’s 5 pm in NY and my chart time is 20:00 and I want to box the first 8 hours of the Pac/Asian session the instructions say enter •periodBegin: 20:00 + 8 hours would be •periodEnd: 04:00 & •BoxEnd: 23:59. Unfortunately it doesn’t work, or at least I haven’t figured out how to get it right on non real FX day charts. Any comments?

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