Breakout with TP and SL Fibonacci Indicator for MT4 and MT5

Written by Dominic Walsh · Published 2 Jun 2026 · Last updated 9 Sep 2026

Most breakout tools stop at the arrow. The break out with tp and sl fibonacci indicator draws the whole plan: an entry price, a stop behind the last swing, and three targets projected by Fibonacci extension from the distance between them.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	2: Buy Breakout, Sell Breakout
Alerts	popup, push notification, email, sound
Inputs	16

What the Break Out With Tp And Sl Fibonacci Indicator draws on the chart

Two arrow plots plus labelled lines.

`Buy Breakout` prints lime at width 2.

`Sell Breakout` prints red at the same width.

`EntryLineColor` draws the entry in dodger blue.

`StopLossColor` draws the stop in crimson.

`TakeProfitColor` draws three targets in lime green.

• Buy Breakout: arrow, lime, width 2, arrow code 233
• Sell Breakout: arrow, red, width 2, arrow code 234

How the Break Out With Tp And Sl Fibonacci Indicator calculates its values

The break

`BreakoutLookback` `20` bars set a prior high and low. A close beyond one of them, with the previous close still inside, makes the break.

Placing the stop

Structure sets it. `SwingLookback` `30` bars locate the swing low for a long, and the stop goes there rather than at some fixed distance.

Projecting the targets

Entry minus stop is the unit. `FibTP1` `1.272`, `FibTP2` `1.618` and `FibTP3` `2.618` multiply that distance and project each result beyond the entry.

How to read the signals

Every level comes off the break bar itself.

Stop distance follows recent structure.

So target distances follow it too.

The three extensions are the usual Fibonacci set.

`LinesValidityBars` `60` decides how long they stay.

`DrawLevelLines` switches the whole set off.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

Messages here follow a range break. `EnableAlerts` governs whether any go out and arrives on with `EnablePopup`. The rest stay dark: `EnablePushNotify` to your phone, `EnableEmail` out through the terminal, `EnableSound` playing `SoundFile`.

Every Break Out With Tp And Sl Fibonacci Indicator input

Core settings

Setting	What it does	Default
BreakoutLookback	Donchian lookback (prior N bars). Bars forming the range, `20`.	20
SwingLookback	Swing high/low lookback for SL & extension. Bars searched for the stop, `30`.	30
FibTP1	Fibonacci TP1 extension. First extension multiple, `1.272`.	1.272
FibTP2	Fibonacci TP2 extension. Second multiple, `1.618`.	1.618
FibTP3	Fibonacci TP3 extension. Third multiple, `2.618`.	2.618
LinesValidityBars	How many bars the lines remain visible. Bars the lines remain, `60`.	60

Display settings

Setting	What it does	Default
DrawLevelLines	Draw entry / SL / TP horizontal lines on signal. Draw the whole set, `true`.	on
EntryLineColor	(see inputs panel)	dodger blue
StopLossColor	(see inputs panel)	crimson
TakeProfitColor	(see inputs panel)	lime green

Alert settings

Setting	What it does	Default
EnableAlerts	Whether break messages go out, `true`.	on
EnablePopup	Shows one in a MetaTrader box, `true`.	on
EnablePushNotify	(see inputs panel)	off
EnableEmail	(see inputs panel)	off
EnableSound	(see inputs panel)	off
SoundFile	Clip the break sound uses, `”alert.wav”`.	alert.wav

Settings that fit your chart

A twenty-bar range and a thirty-bar swing search need room to be meaningful. EURUSD H1 is the reference chart, where breaks come a few times a week. Drop to M5 and both windows shrink to hours. On H4 each set of lines covers a month.

When the Break Out With Tp And Sl Fibonacci Indicator fails

A projected target is arithmetic, not evidence.

A wide recent swing makes the stop distant and the targets remote.

The first close beyond a range often fails.

Sixty bars of lines can crowd a busy chart.

Copy the compiled Break Out With Tp And Sl Fibonacci Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Related on forexmt4systems.com: Fib pullback plan.

Download the Break Out With Tp And Sl Fibonacci Indicator for MT4 and MT5

The zip holds the compiled Break Out With Tp And Sl Fibonacci Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

What decides where SwingLookback puts the stop?

Structure rather than a fixed distance. The search covers thirty bars for the relevant swing extreme and the stop goes there, so its distance shifts with recent price action.

What do FibTP1, FibTP2 and FibTP3 measure from?

The distance between entry and stop. Each multiple applies to that single unit and projects beyond the entry, so a wider stop automatically pushes every target further out.

Why does FibTP1 sit at 1.272 rather than 1.5?

Because it is the square root of 1.618, and convention made it the first target in Fibonacci work. Nothing in the arithmetic makes it special; traders simply watch that level first.

What does LinesValidityBars 60 control?

How long each set of drawn levels stays on the chart. Sixty bars is enough to see a trade play out on H1 without leaving months of old lines cluttering the view.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Break Out With Tp And Sl Fibonacci Indicator as one input. Always backtest before trading live.