I wrote this indicator for myself – I’ve been trading gold on breakouts from the Asian trading range for over a year now. I’ve decided to share it for free; perhaps someone will find it useful.
The idea is simple – gold trades within a range at night (during the Asian session), and when London opens, it shoots off in one direction. The indicator plots this range and shows where to enter.
What it displays on the chart:
- Blue rectangles – the zone where the price remained overnight (00:00–06:00)
- Light blue horizontal lines – the boundaries of the range
- Green dotted line – buy level (top of the range + buffer)
- Red dotted line – sell level (bottom of the range – buffer)
- Upward arrow – a breakout has occurred; you can buy
- Downward arrow – a downward breakout has occurred; you can sell
- Label showing the range width in pips
Regarding settings:
- Range start and end times – adjust to suit your server
- Trading window – how long to wait for a breakout (default: until 10:00)
- Breakout buffer – how many points above or below the boundary to count as a breakout
- Alerts – sound and push notification to your phone when a breakout occurs
How I trade:
- I trade XAUUSD on the M15 timeframe
- I wait for a range to form (after 06:00)
- If the range is 300–2,000 points, it’s a normal day
- I enter on a breakout (arrow)
- Stop loss at the opposite boundary
- Take profit at 1.5 times the range width
- One trade per day maximum
Works on any instrument, but works best on gold – that’s where this pattern is most consistent.