Sigma Breakout Levels From Open
A fixed 50-pip breakout band means something completely different on a quiet major pair than on a volatile cross or an index - the naive version of "breakout levels" that uses a flat pip distance is wrong the moment it is applied to more than one instrument. This indicator instead measures the standard deviation of the symbol's own trailing daily log returns, applies it to today's opening price, and draws lines at three multiples of that deviation on both sides of the open - levels that scale themselves to how far this specific instrument actually tends to move in a day. The lines and the readout panel are anchored to today's D1 open and recomputed once a new daily bar begins, regardless of what timeframe the chart itself is displaying - attach it to a 5-minute or an hourly chart and the levels still represent the session's own opening reference and daily sigma, not an intrabar approximation. Notes and limitations - Needs InpLookbackDays + 2 closed daily bars of history before it can compute a sigma reading; a symbol just added to Market Watch shows a "not enough history yet" message in the panel until its daily history has loaded. - The sigma reading and the levels are fixed for the whole trading day - they are only rebuilt when a new D1 bar opens, not on every tick, so intraday volatility spikes do not move the lines mid-day. - This is a statistical band based on recent history, not a guarantee: real daily returns are not perfectly normal, so the actual frequency of touching or exceeding a given sigma level will differ from the theoretical normal-distribution probability.
Indicator · MT5 · v1.0 · Free
About Sigma Breakout Levels From Open
Sigma Breakout Levels From Open is an indicator for MetaTrader 5. It has 11 settings, such as Lookback days, Sigma1 and Sigma2. MQL source code included.
Files in the download: SigmaBreakoutLevels.ex5, SigmaBreakoutLevels.mq5, SigmaBreakoutLevels.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Lookback days | 20 | Trailing closed daily bars used to measure the standard deviation of returns |
| Sigma1 | 1.0 | First (innermost) level, in standard deviations |
| Sigma2 | 2.0 | Second level, in standard deviations |
| Sigma3 | 3.0 | Third (outermost) level, in standard deviations |
| Open color | clrSilver | Colour on the chart |
| Level1 color | clrGoldenrod | Colour on the chart |
| Level2 color | clrOrange | Colour on the chart |
| Level3 color | clrCrimson | Colour on the chart |
| Corner | CORNER_LEFT_UPPER | ENUM_BASE_CORNER for the readout panel |
| X offset | 10 | |
| Y offset | 20 |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 5 open File → Open Data Folder, then go to MQL5 → Indicators.
- Copy the .mq5 file(s) there. Put any .mqh files in MQL5 → Include.
- Open the .mq5 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 · Trailing Stop & Break-even · MT5 Indicator · MQL5 Source Code