False Breakout MT4
- Indicators
- Mattia Impicciatore
- Version: 1.0
False Breakout MT4 is an indicator designed to spot cases where price briefly breaks a recent support or resistance level and then quickly returns to the prior range. These false breakouts are valuable for discretionary analysis or contrarian trading approaches, providing visual cues without making predictive or automatic decisions.
Main Features:
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Automatic detection of false breakouts around recent highs and lows (e.g., extended daily levels over two days).
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Clear visual representation with arrows and trend segments highlighting failed breakouts.
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Customizable alerts via popups and push notifications (requires device configured).
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User-adjustable parameters: bars to scan, pip tolerance, arrow offset, colors, and more.
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Lightweight implementation, optimized for speed and backtesting.
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No predictive algorithms: it doesn’t issue guaranteed signals but supports technical decision-making.
Compatibility:
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Timeframes: M1 through H4.
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Instruments: Forex, indices, stocks, commodities.
Note: This release is named False Breakout MT4. If you’re looking for the MetaTrader 5 version, see: https://www.mql5.com/en/market/product/145504
Disclaimer: There is no guarantee of trading results. The indicator is a tool to highlight price behavior and should be used alongside proper risk management and a complete strategy.