Multi Currency Average Bar Breakout
Average Bar Breakout is a multi-currency & multi-timeframe indicator which can scan from a single chart.
- Track up to 30 currencies and all the time frames from 1 minute to 1 month from single chart.
- Get alerts on screen, email, push notifications.
I have been trading since many years now. I always wanted a system which can alert me if price moves x% than the average bars, so that I know something strong has happened in market and based on my strategy I will enter the trade immediately. In this way I dont have to keep watching my charts all day and I can track easily 30 currencies and all the time frames at the same time from single chart.
It helps you to catch sudden movement in markets instantly.
Here is what indicator does:
It will check the value of ATR last bar of X period, and if the price moves x% than the ATR value, it will send an alert. X can be anything like 14 period for ATR, and x% can be anything like 250%, 340%, etc.
I want to know whenever price on 1 hour, 4 hours on EURUSD moves 250% of the Last 7 bars average pip movement it should send me alert, print on screen, email and Push notification on my mobile, so that I don't have to seat in front of my PC and get alert on my mobile.
- Average Breakout (%) = 250% - It will alert when average of x bar is moved by 250% of current bar.
- Number Of Bars To Calculate = 7 - This will find the average pip movement of last 7 bars.
- Candle Mode = Close Mode/ Tick Mode - In Close Mode it will alert on candle close and in Tick Mode it will alert as soon as it moves x%.
- Alert - Message that informs that the positions are going to be closed.
- Mail - Sending message on e-mail at successful closing of all positions.
- Mobile - Sending Push notifications to the mobile terminals with MetaQuotes ID specified in the "Notifications" tab.
- Screen Comments - Display comments on screen.
- Currency 1 - EURUSD,M5,M15,M30
- Currency 2 - USDCAD,M5,M15,M30
- Currency 3
- up to
- Currency 30
There are many strategies that can be traded with the help of this indicator. One of them is as follows:
I will set ATR period to 7 and set 250% movement of current candle in terms of pips. I will set alert for M15, M30 and H1 time frame. As soon as price moves more than 250% of average 7 bars it will send me alert to my mobile phone and I will check chart. If the movement is in the trend direction I will instantly enter the trade as breakout is with more than 250% which is a strong movement. I will set TP and SL as per my strategy.
There are many ways you can use this. Will try to post more strategies in the Comments section.
Note: we will keep updating indicator as and when needed and you will get all future updates for free.