FakeBreak Indicator with Alerts for Metatrader 5 by MrAlanForex.com

Have you noticed how a fake breakout often leads to a great opportunity to fade the move? Now you can catch those opportunities with ease using FakeBreak Indicator. Let our indicator do the hard work of breakout detection, so you can focus on taking high-probability counter-trend trades.

You see fake breaks in the market all the time...

Usage

Drag the indicator on the chart, you will see the dialogue box appear:

You need to enter where the resistance and support lines are and select what alert type you would need. Then click ok. The indicator will monitor the support and resistance lines and alert you of a fake break and you can inspect it to take action.

Installation

Simply drop this into your Indicators folder in your Metatrader 5 terminal. You can always find this folder if you go to the following on your Metatrader 5 software:

File --> Open Data Folder --> MQL5 --> Indicators

Then close and open your Metatrader 5 software and you should see this in your Navigator window. Simply drag the indicator onto your chart.