Breakout Panca Eagle Indicator: The Asian Range Break

Written by Dominic Walsh · Published 2 Jun 2026 · Last updated 21 Aug 2026

The breakout panca eagle indicator works the oldest intraday idea there is. It boxes the quiet Asian session, then waits for the London open to break that range. Panca Eagle BUY and Panca Eagle SELL mark the break, with a rectangle showing the box it came from.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from GBPUSD M15.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	2: Panca Eagle BUY, Panca Eagle SELL
Alerts	popup
Inputs	8

What the Breakout Panca Eagle Indicator draws on the chart

A rectangle object boxes the Asian range while it builds, when ShowSessionBox stays on.

Panca Eagle BUY marks a break above the completed range high.

Panca Eagle SELL marks a break below its low.

The box stretches as new extremes print inside the session hours.

• Panca Eagle BUY: arrow, lime, width 2, arrow code g_arrow_buy_code
• Panca Eagle SELL: arrow, red, width 2, arrow code g_arrow_sell_code

How the Breakout Panca Eagle Indicator calculates its values

A session that crosses midnight

AsianStartHour is 22 and AsianEndHour is 7, so the window wraps past midnight. The code handles that wrap rather than treating the numbers as a simple range.

That matters because a naive comparison would call every hour outside the session, since 22 is greater than 7.

Building the box

The first bar inside the session seeds a running high and low. Every later bar in the same window widens them if it prints a new extreme.

What you see mid session is therefore a partial range. The box only stops growing when the hours end.

Marking the break

Once the session finishes, the code watches for price leaving the completed range and marks the bar.

MaxBars caps how much history gets processed, 1000 by default, and ArrowOffsetPoints spaces a marker from its candle.

How to read the signals

A narrow box means a quiet Asian session, which is the condition this idea was built around.

A wide box usually means overnight news, and the break that follows carries less meaning.

The break marker refers to the completed range, not to the box as it looked while forming.

Session hours run on the broker clock, so check what your server calls 22:00 before trusting the defaults.

Alert channels in this build: popup, one message per closed bar.

The one alert channel here is the MT4 popup. A bar time check runs first, so a break raises one dialog per closed bar.

Every Breakout Panca Eagle Indicator input

Core settings

Setting	What it does	Default
AsianStartHour	Asian session start hour (server time). AsianStartHour opens the session at hour 22 on broker time.	22
AsianEndHour	Asian session end hour (server time). AsianEndHour closes it at 7 the following morning, so the window wraps midnight.	7
ObjPrefix	Chart object name prefix.	PancaEagle_

Display settings

Setting	What it does	Default
ShowSessionBox	Draw the Asian range box. ShowSessionBox draws the rectangle and defaults to true.	on
BoxColor	Color of the frozen session rectangle.	silver
ArrowOffsetPoints	Arrow offset from the bar (points). ArrowOffsetPoints spaces a marker from its candle, 10 points by default, which is deliberately tight.	10

Alert settings

Setting	What it does	Default
AlertOnBreakout	Pop-up alert on close-outside-box.	on
MaxBars	Max bars to process on first attach (perf). MaxBars caps how much history gets processed, 1000 by default.	1000

Settings that fit your chart

The screenshot uses GBPUSD M15. That pairing is deliberate, since the idea depends on a quiet Asian session followed by an active London one, and sterling shows that pattern clearly. M5 through M30 gives enough bars inside the session for the box to mean something.

When the Breakout Panca Eagle Indicator fails

The session hours are fixed numbers on the broker clock, and daylight saving moves the real sessions twice a year while they stay put.

On a night when Asia is active the box comes out wide, and a break of a wide range is a much weaker event.

Nothing measures how far price broke. A one point move past the high marks exactly like a decisive one.

The idea assumes London provides the expansion. On a quiet European morning the break often fails immediately.

Copy the compiled Breakout Panca Eagle 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: London Session Breakout Strategy.

Background reading on the method behind the Breakout Panca Eagle Indicator: Technical indicator on Wikipedia, Riskmanagement at Investopedia.

Download the Breakout Panca Eagle Indicator for MT4 and MT5

The zip holds the compiled Breakout Panca Eagle 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

How do AsianStartHour 22 and AsianEndHour 7 wrap midnight?

AsianStartHour 22 is greater than AsianEndHour 7, so a plain comparison would call every hour outside the session. The code tests for the wrap explicitly, treating any hour at or after 22 or before 7 as inside. Without that the box would never build.

Why does the screenshot use GBPUSD M15?

Because the idea leans on a quiet Asian session followed by an active London one, and sterling shows that contrast more clearly than most. M15 gives enough bars inside the session for the range to be meaningful without making the box hundreds of bars wide.

Does a wide ShowSessionBox range mean a better break?

Usually the opposite. The premise is a quiet overnight range that London then expands out of. A wide box means Asia was already active, so there is less pent up movement left and the break that follows tends to carry less.

What does ArrowOffsetPoints 10 do on a volatile pair?

It puts the marker only ten points from the candle, which is tight. On a volatile session the marker can end up inside the wick. Widening it moves the marker clear without changing when a break registers, since the test uses the range and the close alone.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Breakout Panca Eagle Indicator as one input. Always backtest before trading live.