This indicator is used to trade price breakouts. It is an indicator that is used each day to benefit from the breakouts at predetermined zone of the daily timeframe.
The main reasons for using this indicator are:
- It helps to show the probable breakout areas by highlighting them in a colour that is distinct hence one cannot avoid noticing them.
- It is also used in timing the traders trading on a day to day basis. This is done by setting the custom breakout.
- By indicating the range in which to trade is to be carried out, the risk of careless trading is eliminated since one only trades when he/she is real sure that it is time to trade.
- Also some traders are greedy to trade and may end up opening trades when they aren’t sure that the breakout is real. This ends up bringing loss. However using the breakout panca eagle indicator this is done away with.
Using the breakoout panca eagle indicator.
First you have to download the indicator and insert it in the MQL4 folder of the metatrader 4 platform. Then you have to choose the currency pairs that you want to use the indicator. For you to load the indicator on the chart, click on the insert button, then indicators, then, custom and then scroll down to the breakoout panca eagle indicator and click on it and click ok.
If you want to remove it from a chart, you click the chart’s button on the mt4 platform menu bar then click the indicator list and choose the breakoout panca eagle indicator and click delete on the right hand side.
The Breakout panca eagle indicator highlights colored box like sections. These sections can be given any color by going to the inputs at the custom indicator drop down dialogue box.
Fig.1. The sections of breakout panca eagle indicator.
There is one section (box) that highlights the entire breakout region from the beginning to the end of the zone. This region is a no trading zone and you have to be patient enough for the prices to get out of this area before opening a position.
Then the other section highlights the offset zone. This is actually a buffer and it is formed above or below the breakout region. The work of this buffer is to filter breakout line tests, the noise that occurs around the breakout region. Above all, this is a very important box since it is the one that prepares the trader to open a trade.
The other region is the range of the High to Low prices in between the hours picked as the breakout range.
The original colors of this boxes are red, blue and green. However the red region is just highlighted by a red border since it is in another region.
Customizing the breakout panca eagle indicator
One of the most amazing things with this indicator is that the trader can customize it to suit his or her taste. This is done by moving to the indicator list in the same procedure used in loading the indicator onto the chart, then clicking on the indicator and clicking on the input button of the customize indicator dialogue box that pops up. Once you have opened this the following things can be changed. Open demo account to test this indicator.
Download Free Breakout Panca Eagle Indicator