Hikkake Trading System

Hikkake Trading System for MetaTrader 5

Hikkake Trading System is a price action indicator for MT5 designed to detect false breakout trap patterns built from inside bar structure and confirmation logic.

Overview

Hikkake Trading System detects multi-bar trap structures in which an inside bar breakout fails and price reverses through the opposite side of the pattern range.

This pattern can be used to identify false breakout conditions where trapped traders may fuel a directional move after confirmation.

All calculations are based on completed bars only.

Detection is non-repainting. Signal values do not change after the confirmation bar is closed.

The indicator can draw Entry, Stop Loss, and Take Profit levels directly on the chart and track signal progress after detection.

Detection Logic

The detection model evaluates each completed pattern through several structural conditions.

These conditions can include:

Setup bar range definition

Inside bar containment within the setup bar

Fakeout breach of one inside bar boundary

Confirmation close beyond the opposite boundary

Time limit for confirmation after the fakeout

The indicator can detect both bullish and bearish Hikkake structures.

Patterns that do not meet the selected structural requirements are ignored.

Quality Evaluation

Each valid pattern can be evaluated through a multi-factor quality model.

The scoring process can include measurements such as:

Inside bar containment quality

Confirmation body strength relative to ATR

Inside bar range relative to ATR

Direction change after the fakeout

Breach depth beyond the inside bar boundary

Signals below the selected minimum threshold can be filtered out automatically.

Multiple detection modes are available, including Standard Mode, Strict Mode, and Custom Mode.

Entry and trade planning

For confirmed setups, the indicator can project breakout levels using pending-style entry logic at the inside bar boundary opposite the fakeout direction.

For each valid setup, the indicator can display:

Entry level

Stop Loss level

Up to four Take Profit levels

Risk and reward zones on the chart

Stop Loss can be calculated using a pattern-based method, ATR-based logic, or Donchian Channel reference.

An optional trailing stop based on Donchian logic is also available for users who want dynamic trade management after entry.

Filters and tools

Optional filters are available to reduce unnecessary signals:

Quality Filter

Extreme Zone Filter

Direction Filter

Stoploss Hunt Filter

Signal Zone Filter

Spacing Filter

Opposite Signal Filter

The built-in scanner can monitor multiple symbols and timeframes from a single chart.

The indicator also includes BOS and CHOCH labels, a signal dashboard, alert options, chart themes, statistics tracking, and output buffers for Expert Advisor integration through iCustom().

Recommended use

Recommended timeframes are H1 and H4 for a balance between signal frequency and structural clarity.

The indicator can be applied to Forex pairs, XAUUSD, indices, and other instruments, depending on broker data quality and symbol characteristics.

Loading sufficient chart history is recommended for more stable structure analysis.

MetaTrader 5 only.

No DLL calls.

No external WebRequest connections.

Important notes

This indicator is a technical analysis tool.

It does not guarantee trading results.

Users should test settings in their own environment and apply appropriate risk management.

Support is available through the product comments section or via MQL5 direct message.