Indicator Breakout Zones MT5

Description

In MetaTrader 5 (MT5), “Breakout Zones” typically refer to areas on a chart where price action breaks out of a defined range, indicating potential trading opportunities. These zones are often identified using indicators that mark high and low levels over a specific time period, signaling potential breakout directions. 

The indicator shows on a chart High and Low levels over the specified time interval, which is set as hours and minutes of the period beginning and end.

The indicator shows two zones: “period” and “area”. When the price is in the period zone, the values of the High and Low levels are recalculated.

The indicator allows setting:

• the hour and minute of the beginning of the “period” zone
• the hour and minute of the end of the “period” zone
• the hour and minute of the end of the “area”
  The “area” zone begins right after the end of the “period” zone

It has five input parameters:

• “Period” Hour begin – the hour of the beginning of the period zone
• “Period” Minutes begin – the minute of the beginning of the period zone
• “Period” Hour end – the hour of the end of the period zone
• “Period” Minutes end – the minute of the end of the period zone
• “Area” Hour end – the hour of the end of the area zone
• “Area” Minutes end – the minute of the end of the area zone