1688ea Breakout indicator MT4

This tool furnishes the user with pivot point support and resistance thresholds while indicating break signal markers. It includes a feature that leverages the Volume Oscillator to highlight only the most impactful breaks, thus reducing irrelevant noise and clutter in the signaling process.

The system enhances visibility of substantial market moves by showing only pivotal breaks after optimal filtering. Moreover, it highlights breaks in trends that feature candles considered to be bullish, for instance, candles with notably long wicks either upwards or downwards.

Explanation of Symbols:

A "Upside move" or"Downside move"symbol marks a breach of a support or resistance level, accompanied by a volume exceeding the preset limit. The "PIN" symbol identifies a candle as bullish or bearish at the point of the break.

Configuration Options:

Left Bars - the count of bars to the left of the pivot. Right Bars - the count of bars to the right of the pivot. Volume Threshold - the designated percentage (%) limit for the Volume Oscillator.

Utilization & Insights: Recognizing significant breaches in pivot S/R levels can significantly aid a trader’s strategy and decision-making process.