Break Out With TP and SL Fibonacci Indicator

Description

The Break Out With TP and SL Fibonacci Indicator for The MetaTrader is a custom indicator that plots a Fibonacci level with the best entry and take-profit points after automatically detecting a breakout.

Key support and resistance areas on the chart are identified by the Fibonacci mathematical sequence, which can be utilized as a buy/sell signal or as a stop loss/take profit. As a result, the Fibonacci and breakout together form a potent trading technique with increased winning potential.

What is the Fibonacci method for breakouts?

Before placing a BUY/SELL order, wait for a breakout, plot a Fibonacci, and watch for the price to retrace into an ideal zone. You don’t have to worry because the indicator takes care of the aforementioned tasks automatically.

Beginner, intermediate, and experienced forex traders would all benefit from the indication. Additionally, it is advised for day/intraday traders as well as scalpers.

How to Use the Break Out With TP and SL Fibonacci Indicator to Trade With the Breakout

The indicator is displayed on a EURUSD chart in the image above. The greatest number of pip points that the price may probably BUY or SELL before reversing is indicated by the red box. Conversely, the optimum Take Profit zone is shown by the pale green box. Additionally, the indicator indicated a breakout zone with a corresponding Take profit and a SELL indication (SELL Order).

You may then initiate a SELL/SHORT position under the aforementioned circumstances, setting your Take Profit at the same amount as the chart’s TP1. To get the most out of the signal, you can additionally trail your stop loss after TP1.

Keep in mind that when the BUY/SELL signal corresponds with the market’s trend direction, it is advised to act upon it. This raises the likelihood that the trade will be successful. To put it another way, don’t pay attention to BUY signs that appear, for example, in a bear market.

Conclusion

A technical instrument that uses Fibonacci retracement levels and trend breakouts is the Break Out With TP and SL Fibonacci indicator for MT4. Lastly, you can download it for free.