Hikkake Pattern (Inside Day False Breakout) Indicator
Info
The Hikkake Pattern (Inside Day False Breakout) Indicator is a Indicator for MetaTrader 5 that the hikkake pattern (inside day false breakout) indicator is a trading strategy based on false breakouts. It is derived from Dan Chesler's article, 'Trading False Moves with the Hikkake Pattern', published in April 2026 in Active Trader Magazine.
Usage
This tool is typically used for breakout trading when price moves beyond key support/resistance levels.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Hikkake Pattern (Inside Day False Breakout) Indicator
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
The Hikkake Pattern (Inside Day False Breakout) indicator is a trading strategy based on false breakouts.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Advanced Harmonic Pattern Scanner - another powerful indicator for MetaTrader 5 traders.
The Hikkake Pattern (Inside Day False Breakout) indicator is a trading strategy based on false breakouts. It is derived from Dan Chesler's article, 'Trading False Moves with the Hikkake Pattern', published in April 2026 in Active Trader Magazine.Also recommended: demo buffer pattern indicator - similar indicator with strong performance on MetaTrader 5.
This indicator identifies a specific price pattern consisting of two price bars, such as hourly, daily, or weekly bars. The first bar is an inside bar, characterized by a lower high and higher low compared to the preceding bar. The second bar forms a bearish or bullish Hikkake setup. In a bearish setup, the second bar has a higher high and higher low than the inside bar, while in a bullish setup, it has a lower low and lower high.
The pattern suggests a potential false breakout, where the market initially breaks out from the inside bar, but then reverses direction. Traders may anticipate a potential reversal when the price crosses above the high of the inside bar (bullish) or below its low (bearish).
To ensure the pattern's validity, verification is required within three bars of the Hikkake pattern. If not verified, the pattern is disregarded.
This indicator displays three large dots when the pattern is identified, followed by small dots on the next three candles, indicating the potential entry point. A buy/sell arrow appears when the price reaches this entry point.
Please provide feedback on its performance across different markets, stocks, and timeframes.
You may also like: nonparametric zig zag based on clyde lee patterns - excellent alternative for indicator users on MetaTrader 5.
Source Code
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⚠ 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.