Settings Forex Indicator Breakout PANCA EAGLE:
BreakOut Panca Eagle is the full name of the BreakOut indicator. The main purpose of this tool is to build a price channel during the Asian trading session. Typically, at this time, the market is flat, and further penetration of the constructed channel determines the further movement of the price.
The indicator shows several important zones to the trader, highlighting them with different colors. So, in blue, the indicator highlights the overall trading range, green – indents from local highs and lows, and orange – the main range.
Thanks to the additional Box End setting, this indicator can be used to determine another important price channel, which begins with the opening of the day and ends at the opening of the European and American trading sessions.
Important: in order for the BreakOut indicator to work correctly, you must correctly enter the start and end time of a particular trading session in the settings.
When setting this indicator, due attention should be paid to the value of the distance from local maxima and minima. By correctly tuning this value, you can get rid of false signals, which can arise due to noise. Adjust this value depends on the volatility of the currency pair.
It is recommended to open a purchase transaction if the candle closes above the green rectangle. The stop-loss is placed behind the bottom border of the blue rectangle. Experienced traders advise to open orders without take profit, and close them in 2-2.5 hours after the opening of the London session, when most traders leave for lunch.
To determine when the order is closed, you can use moving averages. So, as soon as the faster one crosses with the slower moving average, it is recommended to close the order.
Transactions for sale are opened when the candle closes below the green rectangle, and the stop loss is placed behind the upper border of the blue rectangle. Take-profit is also not set, the order is closed when moving average crosses.
Using the Forex BreakOut Panca Eagle indicator in this way, you can greatly facilitate your own technical analysis of the market.