Mika's Breakout strategy | Forex indicator download - MT4/MT5 resources

I found this old thread with a strategy that I really think is good. Give a certain profit. Mika’s breakout strategy |Forex Factory

I will be trading in my sandbox while my bot is working elsewhere.

In particular, Mika's BO Channel indicator is very good. But see my note #3 below. The problem is a change in Windows functionality. Many old indicators have this problem.
I would be interested if anyone knows the MQ4 code for Mika's BO channel or can tell me how it is calculated.

As with most strategies, you need to trade on very popular instruments. It's not hard to find. Looking for Trends | Forex Factory

Copied from Mikas page 1:

Things to note :

1. I added trend tools 10 LWMA and 15 EMA. It can filter out some false breakouts very well.
2. The Mika's BO Channel indicators are very old and these old indicators will not be refreshed in the new MT4 version. So you must have indicators that automatically refresh on all charts you are trading on.

Buy entry rules
1. Buy signal arrow on the "BO Channel" (the arrow indicates the first closing bar above the channel)
2. Nihilism ADX (7), (21), (42) is green or blue
3. RSI Historgam(7) Blue only (avoid green as overbought)
4. CCI histogram (14) is blue only (avoid green because of overbought)
5. The 10 LWMA is above the 15 EMA. Trade with the trend. It does filter out some bad transactions.

Sell ​​entry rules
1. Sell signal arrow on the "BO Channel" (the arrow indicates the first closing bar below the channel)
2. Nihilism ADX (7), (21), (42) is red or orange
3. RSI Historgam(7) is only in pink (avoid red as oversold)
4. CCI histogram (14) is only pink (avoid red as oversold)
5. The 10 LWMA is below the 15 EMA. Trade with the trend.

stop loss
For long/buy trades
1. Enter below the channel below the channel line
2. Or the most recent swing low (whatever you feel comfortable with)

For short/sell transactions
1. Enter above the channel above the channel line
2. Or the nearest Swing High (whatever you feel comfortable with)

Take profit
1. When to make substantial profits (it’s up to you)
2. Equal to stop loss (1:1 risk reward)
3. Channel height value on entrance bar (usually less than 1:1 RR)
4. (2X) times the value of the channel height on the entry bar (recommended maximum take profit price)
5. Let it run until LWMA10 moves with 15EMA.

Read the complete ruleset at Mikas Thread.

Also thanks to Nihilist: Nihilism Forex Indicator | Forex Factory

Edited on August 16, 2024 <br> I made a simpler setup. See post #64.