Breakout Scanner 123 Pattern Indicator
A super MT4 indicator to spot 1-2-3 patterns and price breakouts on MTF charts. Best for forex day and intraday trading. Points to accurate buy-sell positions.
Description
The Breakout Scanner 123 Pattern indicator spots potential price breakouts based on your custom search on MT4. This indicator is a demo version and is limited to tracking weekly and monthly charts. However, it still works for beginners in price action pattern trading. Besides, it helps to anticipate a long-term overview of the market and possible breakout trading opportunities.
It includes a 1-2-3 pattern scanner that lets you choose your favorite forex currency pairs and timeframes for breakout scanning. So, you don’t need to scan every chart individually for buy-sell signals. Simply set up your preference, run the automatic scanner, and the indicator does the rest.
This guide will explain how to determine accurate buy-sell levels using the Breakout Scanner 123 Pattern in MT4.
How to trade forex using the Breakout Scanner 123 Pattern MT4 indicator
The Breakout Scanner 123 Pattern plots the search box at the top left of the chart. You can always change the size and position of the box using its MT4 settings. Select the symbol of your favorite forex currencies and timeframes. Next, click the “RUN” icon, and the indicator will list all the relevant pairs and MTF icons.
Whenever the indicator spots a 1-2-3 pattern, it changes the color of the respective panel button. Once you click on the highlighted button, the indicator will redirect you to the signal chart. In the above AUD/USD chart, the indicator spotted a 1-2-3 triangle pattern in the monthly timeframe. Since the price made a bearish breakout of the triangle, we’ll consider the green line as the sell level.
The horizontal levels below the sell zone show projected take-profit areas. Besides, the red horizontal line points to the potential stop-loss level. The arrow below the SL line signals a bearish breakout. For buy orders, look for an ascending 1-2-3 pattern where the third wave exceeds the high of the first wave.
Conclusion
The Breakout Scanner 123 Pattern directly engages you with the relevant signal chart in less than a second. This indicator can accurately highlight 1-2-3 patterns and outline potential price breakout levels. Apply it on your MT4 platform to trade forex breakouts on MTF charts.