Forex FlexBox indicator | Forex indicator download - MT4/MT5 resources

The Forex Flexbox Indicator exploits breakouts in a more flexible way, drawing breakout boxes when they are detected, without assuming that the "box" forms on a predictable schedule (like the famous London Breakout Indicator and Strategy). FlexBox indicator can be used on any time frame.

"I have been interested in breakout strategies for some time. I like them because they are price driven with little lag and reflect the reality of the market - there are periods of relative inactivity between trends during which prices do not rise or fall much. Many popular strategies are developed using boxes and breakouts (Big Ben comes to mind), and in fact my main trading strategy is based on daily highs and lows, which for all practical purposes is a box."

Devoloper

The FlexBox indicator is located below and can be used on any time frame. First, some concepts about simple strategies for using it:

Entries – Enter trades at the close of the bar outside the box. Wait for the current bar to close completely.

Stoploss – Place a stop loss on the other side of the breakout box (or add a few pips if the box has a smaller price range).

Exits – Exits when a trade in the opposite direction meets the entry rules.

The parameters accessible to the user are

ROCPeriod – The box is formed based on the embedded ROC metric. The default value here is two, but I tried values ​​up to 5 without changing the results much - the box just started later.

BoxThreshold – This is important. After experimentation, I chose the default value of 12.0, but for timeframes shorter than 1 hour (which is what I recommend), the value may need to be smaller.

BoxMinBars – The number of bars in the box before they actually appear on the chart. The default value is 3 because it works for me.

BoxColor – Self-explanatory.