Forex Trend Line Breakout Trading Strategy
Forex Trend Line Breakout Trading Strategy — a MetaTrader 4 indicator kept in the Old Kings collection. Judging by its name, it is built around automatic trendlines, breakouts from a range and following the trend. Its source code uses Bollinger Bands. It draws arrows on the chart and can send alerts. It has 20 settings, for example Length (default 8), Deviation (default 1) and Money Risk (default 1.00). Try it on a demo chart first and note how its lines or arrows react to new bars. Inside: 4 indicator files with source code (.mq4) you can open and edit in MetaEditor. Old Kings are classic community tools shared as-is. Not tested by PolyMaria. Try it on a demo account first. Are you the author of this tool? Message us on Telegram (@abumarket_support) and we will credit you or take it down.
Indicator · MT4 · v1.0 · Free
About Forex Trend Line Breakout Trading Strategy
Forex Trend Line Breakout Trading Strategy is an indicator for MetaTrader 4 based on Bollinger Bands. It draws buy and sell arrows on the chart and can alert you with a pop-up, sound, email or push message. It has 20 settings, such as Length, Deviation and Money risk. MQL source code included.
Files in the download: BBand Stop Alert.ex4, BBand Stop Alert.mq4, DMark_Breakout.ex4, DMark_Breakout.mq4, installation manual.txt, DeMark Breakout.tpl.
Settings
| Setting | Default | What it does |
|---|---|---|
| Length | 8 | Bollinger Bands Period |
| Deviation | 1 | Deviation was 2 |
| Money risk | 1.00 | Offset Factor |
| Signal | 1 | Display signals mode: 1-Signals & Stops; 0-only Stops; 2-only Signals; |
| Line | 1 | Display line mode: 0-no,1-yes |
| Nbars | 1000 | |
| Sound on | true | Turn this alert on or off |
| Alerts on | FALSE | Turn this alert on or off |
| Comments | FALSE | Comment written on the orders |
| Trend line | TRUE | |
| Trend line style | 0 | |
| Trend line width | 3 | |
| Upper trend line colour | Blue | Colour on the chart |
| Lower trend line colour | Red | Colour on the chart |
| Projection lines | TRUE | |
| Projection lines style | 2 | |
| Projection lines width | 3 | |
| Upper projection line colour | Blue | Colour on the chart |
| Lower projection line colour | Red | Colour on the chart |
| Horizont line | FALSE |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Breakout · Trend · Buy/Sell Arrows · Alerts · Bollinger Bands · MT4 Indicator · MQL4 Source Code