Breakout Panca Eagle Indicator for MT4 is Breakout indicator which each day creates a box of breakout zone. Once this box is breached we cen enter buy or sell position and take some profit.
This indicator will better visualize and highlight daily breakout zone, improve trading discipline so that you will trade only when its good to trade and wait when its good to wait.
Breakout Panca Eagle Indicator for MT4 should filter any insignificant breakouts.
Colors of this indicator:
BLUE zone: it symbolizes HIGH and LOW of the candle range in between specified hours
GREEN zone: this is a border above and below the BLUE zone. It gives you a warning that a breakout should happen soon and it will serve as an noise zone
RED lined box: This is a zone where you should not trade and wait for PA (Price Action) to exit the RED zone.
This are the available settings for Breakout Panca Eagle Indicator:
NumberOfDays: Shows how much history to show. For weeker computers use less days
periodBegin: Hour and minute when the Breakout Panca Eagle Indicator starts to draw the BLUE zone
periodEnd: Hour and minute when RED zone ends
BoxEnd: Hour and minute when the blue zone ends usually end of the day
BoxBreakOut_Offset: This is the number of pips for the GREEN zone
BoxHLColor: Color for the BLUE zone
BoxBreakOutColor: color for the GREEN zone
BoxPeriodColor: color for the NO TRADE RED zone