Breakout System | Foreign exchange indicator download-MT4/MT5 resources-MetaTrader 5 resources

Hello everyone,

This is my first post here and I will try to describe this system I have been trading.

Perfect for the London Open

1. Chart settings.

GBPUSD time range 15 minutes

Indicator: SMA Period 21
The 9-period Bollinger Band standard deviation is set to 1. Levels set to 0.75 and -0.75

2. Entry rules:

The SMA must point downward to go short. Bollinger Bands must point downward to go short.

The setting candle must be a candle with an opening price 30% of the top of the candle and a closing price 30% of the bottom of the candle. This indicates a significant price drop. The candle must close outside the Bollinger Bands. This candle is called the lower candle.

The trade entry point is set 1 pip below the setup candle low plus the spread.

The exit is set to 2/3xATR when trading. The initial stop loss is set to 1xATR when trading.

This describes a short trade. The opposite is true for long trades.

I'll attach a chart.

Added alerts for up and down candles. It needs to be put into the experts folder and attached to the diagram as an expert.

Sincere thanks to PipPicker for his professional help with Breakout Expert Advisor.