indica t o r breakout strength meter - mt4
Info
The indica t o r breakout strength meter - mt4 is a Indicator for MetaTrader 4 that remark: for this to work perfectly, you must have high speed internetand a high quality computer. otherwise, it will not work for you.
Usage
This tool is typically used for breakout trading when price moves beyond key support/resistance levels.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use indica t o r breakout strength meter - mt4
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
remark: for this to work perfectly, you must have high speed internetand a high quality computer.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: External Range Liquidity (ERL) Indicator: Advanced Market Structure and Liquidity Analysis - another powerful indicator for MetaTrader 4 traders.
Also recommended: B Bands Psar Indicator - similar indicator with strong performance on MetaTrader 4.
remark:for this
to work perfectly
, you must have
high speed internet
and a
high quality computer
. otherwise, it will not work for you.
introduction :
the breakout strength meter is a trading tool that is used to identify which currencies are the strongest to breakout, and which currencies are the weakest to breakout.
don't hesitate to send all your comments and i would appreciate rating this trading tool.
how to use it :
you can check the following video that will explain how to
define and see how a breakout strength meter works.
use this trading tool to confirm real and fake breakouts (the most important part)
compile the script in mt4 or mt5.
you can also check the following video. it is about currency strength meter
screenshot :
You may also like: Fast Stochastic Indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property strict
#property indicator_chart_window
input color cfontclr = c'255,166,36'; // font color
void vsetlabel(string sname,int sub_window, int xx, int yy, color cfontcolor, int ifontsize, string stext) {
objectcreate(0,sname,obj_label,sub_window,0,0);
objectsetinteger(0,sname, objprop_ydistance, xx);
objectsetinteger(0,sname, objprop_xdistance, yy);.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.