Screener Breakout Congestion

Screener Breakout Congestion:

Have you ever missed a trading opportunity because you were not looking at the chart of that market in that specific time frame?

Here is this screener to help you identify congestion breakouts in the markets you want to follow in the different time frames required.

Once you have identified the markets (forex, indices, CDF) and the different time frames (1M, 5M, 15M, 30M, 1H, 4H, Daily), the screener is represented by several buttons that change colour when the congestion occurs and its subsequent breakout.

The congestion is identified with a green square (with the symbol C inside) and when the next candle has a close outside the congestion the screener confirms the breakout with a dark green square (with the symbol BK inside).

The square is interactive, in the sense that by clicking on it you can see the chart and time frame identified and, with the combined use of the Congestion Breakout Indicator, you actually see the congestion drawn (through a rectangle) and its breakout on the chart. 

https://www.mql5.com/en/market/product/84802

How to use congestion zones to trade?

Congestion zones can be very useful for trading, which is where the Congestion Breakout Indicator comes in, a useful indicator that highlights these areas in all desired time frames.

• Congestion zones as support and resistance:

As a trader you should consider congestion zones as solid and highly reliable support and resistance zones; the indicator tracks the congestion area with a rectangle from the formation of the fourth bar to subsequent bars that have openings and closes, or only closes, within a previous larger candle (Measuring Bar).

• Congestion zones for trading exits:

 Expect a price reaction in that zone whenever price reaches it and if, for example, you have managed to enter a trend early enough and secure a good profit, you can use price congestion signals to take some of your profits off the table.

• The congestion zone as a potential entry point:

Furthermore, spotting the congestion allows you to anticipate the eventual breakout, although it is important to know that multiple false breakouts can occur. So do not trade until a reliable breakout occurs with clear signs of trend continuation.

This is precisely where your trading strategy comes into play!

Is your trading strategy based on congestion breaking or are you waiting for a clear breakout signal at the next candle?

The screener helps you with the double identification in both cases, so it is only up to you to choose which one to use.

Why use the congestion breakout indicator in combination with the Candles Trading Panel?

The combined use of this indicator and the Candles Trading Panel (see attached link) allows you to minimise possible losses with a quick method to move the automatic Trailing Stop and Trailing Profit based on your analysis or with the ability to manually move the stop to breakeven if the trade does not immediately continue in the direction of the breakout within a specified time frame.

In addition, the congestion area display is a reference point for placing stop loss orders. Risk management is the key to successful trading and it is essential to enter a trade with stop loss orders already placed to protect your capital.

Instead, the efficient trailing profit method, within the Candles trading panel, will allow you to maximise your profits.

In any case, it is essential to have a trading plan and stick to it.

Key features:

Follows up to 15 markets and 7 timeframes

To start, select the markets of interest by writing them into the indicator input

E.g. EURUSD,GBPUSD,USDCAD,USDJPY (Symbol,symbol ........)

To select or deselect the timeframes in the markets you wish to follow use the following procedure:

-  select the markets by clicking on the buttons to the left that bear the market symbol which will change colour;

-  click on the timeframe buttons at the top (M1,M5------ D1) to enable or disable the screener on the selected timeframes.

See attached youtube video.

Candles Trading Panel https://www.mql5.com/en/market/product/84104