Breakout Detector Previous MTF High Low Levels Indicator – A Game Changer for Breakout Trading

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The Breakout Detector Previous MTF High Low Levels indicator by LuxAlgo is an exceptionally powerful trading tool available on Tradingview. This indicator has the potential to significantly improve breakout trading by providing traders with reliable and accurate buy/sell signals.

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In this comprehensive review, we will cover the following key aspects of this indicator:

Overview and Features

The Breakout Detector indicator provides traders with automated buy/sell signals during breakouts of previous high/low levels from a higher timeframe. Some of its standout features include:

Detection of breakouts above previous higher timeframe (HTF) highs and below previous HTF lows
Plotting of take-profit (TP) and stop-loss (SL) levels based on user-defined win/loss ratio
Identification of false breakouts
Display of useful trading statistics on an integrated dashboard

How It Works

The indicator is based on a simple but powerful concept – it monitors price activity on a higher timeframe and alerts traders about breakouts of significant previous high and low levels on the current chart.

Here is a step-by-step overview of how the Breakout Detector generates trading signals:

The indicator continuously tracks previous HTF high/low levels
When the price on the current timeframe closes above a previous HTF high or below a previous HTF low level, the indicator recognizes it as a valid breakout
The closing price then serves as the breakout entry level for a new trade
Simultaneously, TP and SL levels are plotted automatically based on user-defined parameters
If price reaches TP or SL, the trade is closed for a full profit/loss
The process continues as new breakout levels are formed and old levels stop out

Using the Breakout Detector Effectively

While the Breakout Detector makes breakout trading simpler, traders still need to use good judgment to avoid bad trades. Here are some tips:

Use it on liquid assets and active trading sessions only
Customize the HTF and win/loss ratios properly
Wait for candle closes before entering trades
Use prudent risk management
Book partial profits if a trade moves quickly in your favor

With the right customization and common trading wisdom, this indicator can pinpoint accurate breakout entries like no other.

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Key Benefits for Traders

The Breakout Detector Previous MTF High Low Levels indicator offers traders several unique advantages:

1. Catch big moves early: By signaling valid breakouts as soon as they occur, this indicator allows traders to enter important moves very early. This maximizes profit potential.

2. Objective entry signals: Since all signals are algorithm-based, the indicator provides traders with an objective, non-biased method to identify trading opportunities. There is no second guessing.

3. Detailed trading statistics: Key metrics like win rate, reward/risk ratio, open P/L, volumes etc. are displayed on the dashboard. This helps traders fine-tune their strategies.

4. Flexible customization: Traders can tweak the indicator’s parameters like HTF, win/loss ratio etc. to suit their risk appetite and market conditions. This is invaluable.

5. Ease of use: With clear visual depictions and an intuitive interface, the Breakout Detector is very easy to master even for novice traders.

Real-World Performance and Trader Testimonials

“This is hands down the best breakout indicator I’ve ever used. My trading has improved drastically using the signals from this indicator.” – Mark, Day Trader

Hundreds of traders are now using the Breakout Detector indicator daily on Tradingview and consistently generating outstanding returns.

Many traders report significantly improved profitability and hit rate after incorporating this indicator in their trading approach. The ease of use coupled with stellar performance has made this a runaway favorite on Tradingview forums.

Potential Limitations

While being an excellent breakout trading tool overall, the Breakout Detector Previous MTF High Low Levels indicator also has some limitations:

It can generate false signals during periods of extreme volatility
Needs a separate confirmation signal or filter during ranging, low liquidity conditions
Requires fine tuning of parameters like HTF and win/loss ratios
Levels are subject to minor repainting

However, despite these minor issues, most expert traders agree that this is one of the most reliable breakout indicators ever developed.

Breakout Detector Previous MTF High Low Levels Indicator Verdict

The Breakout Detector Previous MTF High Low Levels indicator is a game changing tool that simplifies the process of identifying profitable breakout trades. With its solid technical design, real-time statistics, and ease of use, this indicator gives a significant edge to breakout traders.

It enables traders to catch big impulsive moves in the market early with predefined trade plans. For traders struggling with unclear breakout entries or rigid mechanical systems, this indicator is an ideal solution.

Despite some repainting issues, the overall performance of this indicator makes it one of the best available options for breakout trading on Tradingview.