Consolidation Breakout Alerts Indicator
Buy and Sell Arrows when price breaks out from Consolidation.
It Also Sends Alerts –
- On MT5
- To Your Phone
- To Your Email
- Does not repaint.
- Works ony any pair, any timeframe. (Just ajust the settings for your pair and timeframe.)
- 10 Activations allowed so you are free from limitations
- See an example of alerts from today (23 May 2020) using this and 2 more of my indicators here.
What is Consolidation Breakout and why is it important to you?
As you know, the market goes through phases of trend and consolidation.
Consolidation is a “phase” of price action where price does not move much for a period of time. Areas of supply and demand or support and resistance, are relatively equal during consolidation.
Consolidation often comes just before a large breakout and new trend formation (big move).
The Consolidation Breakout Indicator alerts you when the consolidation has finished and price has broken out.
Using Breakouts from Consolidation should be a part of every Trader’s strategy.
Works very well in conjunction with the Trend Continuation Alerts Indicator.
Obviously, this indicator will not predict all the reakouts all the time – the markets are unpredictable – otherwise we would all be successful all the time.
This is still Forex and you will not win every trade. Practice on Demo before trading with live money and always use good money management.
Please feel free to message me if you have any questions.
SETTINGS - Please make sure you input the correct settings for the timeframe and pair you are trading.
See the Settings video on comment no 1
Allows you to set the maximum number of pips between the top and bottom of the consolidation. (The fewer pips, the fewer signals, but possibly more accurate.) Obviously this amount will depend on the pair and the timeframe you are trading at the time.
The minimum number of pips you want the signal candle to breakout of the consolidation.
The Indicator uses an Exponential Moving Average (EMA) to help determine trend. You can set this here.
This level allows you to set how “still” the market price is during the consolidation. It’s a bit tricky to explain, but at the end, there are example values to use.
The Mean price level is in the middle of the consolidation high and low (the average). The indicator looks at all the candle highs and lows to see how close they are to the mean. The closer, the more “still” the price has been.
A setting on 0.5 is exactly in the middle and you will get very few signals.If you want to allow price to be less “still” (ie the candles can move up and down a bit) then increase the setting.
This allows you to set the maximum size of the signal (breakout) candle compared to the size of the Consolidation.A value of 1 means the candle can be as big as the consolidation. Higher than 1 means it can be bigger.Be careful of having this value too high as a very large candle may have been formed by a News event (or Bank Manipulation etc) and a price correction may be coming very soon.
This determines the slope of the EMA which is also an indication of the strength of the trend.The value is the number of pips higher or lower the EMA is at the end of the consolidation compared to the beginning of the consolidation. The higher the value, the stronger the trend, fewer signals and the end of the trend may be coming.
The hour you want the Indicator to start each day.
The number of minutes past the hour you want the Indicator to start each day.
The hour you want the Indicator to stop each day.
The number of minutes past the hour you want the Indicator to stop each day.
The indicator will send an alert to your email (if you have set this up in MT5).
The indicator will give a sound alert and pop-up message in MT5.
The indicator will send an alert to your phone (if you have set this up in MT5).