3 Tier London Breakout Indicator V3.3b

Description

3 Tier London Breakout Indicator V3.3b

Introduction

The 3 Tier London Breakout Indicator for MT4 provides signals based on the London breakout strategy. As London operates in a separate time zone from New York, the market opens several hours before the New York session. This time difference creates an opportunity for traders to enter new positions. The indicator aims to profit from the trading range preceding the London opening session.

Key Features

1. Buy/Sell Targets: The indicator draws buy/sell targets on the chart, indicating potential entry points.
2. Pip Count: It also displays the number of pips until the breakout is expected to occur.
3. Price Boxes: The indicator illustrates various types of boxes on the chart, including max/min, limit, and stick. These boxes represent price ranges.

Strategy Overview

The 3 Tier London Breakout Indicator follows a specific strategy:

1. Timeframe: M5 (5-minute chart)
2. Currency Pairs: GBPUSD, XAUUSD and EURUSD
3. Trading Session: London opening session (before New York)
4. Type of Strategy: Breakout strategy

How It Works

1. Buy Signals:
   • When the indicator produces an “Entry Buy” after a breakout, it’s a BUY signal.
   • The “Buy targets” represent profit targets for long positions.
2. Sell Signals:
   • When the indicator creates an “Entry Sell,” it’s a SELL signal.
   • The “Sell targets” are the take profits (TPs) for short positions.

Strategy Type

The 3 Tier London Breakout Indicator is not a martingale or hedging system. Instead, it focuses on identifying breakout opportunities during the London session.

Implementation

To use the indicator effectively:

1. Asset Selection: Choose the currency pair (GBPUSD or EURUSD) you want to trade.
2. Breakpoint Levels: Decide between two breakpoint levels (A or B):
   • If the asset price is above level A, consider selling positions and move to level B.
   • If the asset price is below level B, consider buying positions and stay at level A

 

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