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:
- NumberOfDays: 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
How to install Breakout Panca Eagle Indicator in MetaTrader 4 / MT4:
- 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)
- Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
- On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
- Locate the indicator which you have just downloaded into the folder stated in Step 1
- Drag (Click and drag) the indicator onto the chart
- Choose your settings and click OK.
- TADA and your done!