Buy Break and Retest (no dll)

Break and Retest
V2.0

After many months of hard work and dedication, we are extremely proud to present you our Break and Retest price action indicator created from scratch. One of the most complex indicators that we made with over 1,400 lines of coding!

The key idea behind our Break and Retest strategy is to wait for the price to break through a support or resistance level, and then go back to that level, to retest it. Now, before entering the trade, our indicator looks for wick rejections indicating that traders are actively defending this retest level. After successfull wick rejections, we wait for the candle continuation to finally get buy & sell signals telling us to enter the trade!

Break and Retest doesn't lag and doesn't repaint!

• Visual support & resistance levels at retest.
• Buy & Sell signals appear on retest zone.
• Professional alert and push notification with the specific time entry of the support & resistance levels, the break zone and finally the retest zone.
• Works on Forex, Metals, Indices & Cryptocurrencies.
• Works on any timeframe.

For testing, you can use the default settings. We also have our own recommended settings for each timeframe: download the set files here.
Break and Retest parameters

Break & Retest Settings

• Max Lookback Break Candle For Broken Zones: 250 by default. How many previous break candles do you want the indicator to remember for a possible retest.
• Minimum Candles Between Break And Retest: 8 by default. What is the minimum candles required between a break and a retest. Higher number gives more room for clear retests.
• Enable Confirmation Filter (Close Above/Below prev. High/Low): True by default. True means that when there is a retest, indicator waits for the confirmation candle after the wick rejection.
• Use Fractal To Detect Swing (Late Entry): False by default. If set to true, after a retest, the entry signal will appear after several confirmation candles. Fractal means that we wait to have the highest high or lowest low of the candlesticks. This means that you will enter your trade after a late retest.
• Alert: True by default. When a new signal appears after a retest, you will get a notification for either buy or sell in your MT4 terminal.
• Push: True by default. When a new signal appears after a retest, you get a push notification in your phone from the Metatrader 4 app.
• color_brokenres: Blue by default. Here, you can change the color of your resistance zones.
• color_brokensup: Red by default. Here, you can change the color of your support zones.

Supply/Demand Settings

• Max LookBack Candles For Support & Resistance: 250 by default. How many candles far back from the actual price do you want the indicator to memorize the support and resistance zones. It would make sense to lower this number if you're trading on smaller timeframes and make it higher when you're trading higher timeframes. However, 250 is a one size fits all solution for all timeframes so you don't need to change that!
• Support & Resistance Sensitivity: 0.10 by default. This is the thickness of the support and resistance zones. If you want a thin line, you can lower the number to 0.07 per example. If you want a thick line, you can increase the number to 0.20 per example. We selected 0.10 by default because we personally feel like it's the perfect line width. This parameter can definitely be tweaked for your trading purposes!

⚠️ To make sure that Break and Retest works properly, here is what you need to see at the top left of your MT4 chart:
Health: Working Ok...
Status: Scanning for a Break & Retest entry...

Code:

https://www.mql5.com/en/market/product/115398?source=Unknown

 

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