Coilgun, the triangle breakout indicator MT4 that draws the coil and never redraws it
Before a big move, the market almost always squeezes. The highs come down, the lows come up, and the range gets thinner candle after candle until something has to give. Coilgun is a triangle breakout indicator MT4 that draws that squeeze while it forms and fires on the close that leaves it.
The arrow and the triangle do not repaint, do not move and do not disappear. Most pattern tools redraw their lines every tick until the picture looks right. This one never does: the coil is measured on closed candles, and once it is drawn it stays exactly where it was drawn.
Click the image to enlarge
Real chart, gold on M5. The two lines close in on each other, and then a candle closes above the upper one. The buy arrow prints at 4327.20, and the stop goes under that candle at 4322.79, a risk of only 44 pips. From there gold climbed to 4344.20, a move of 170 pips, which is four times the risk. Every price comes from the exact candle history of that chart.
Why a squeeze is worth waiting for
A narrowing range means both sides are running out of room. Buyers pay higher lows, sellers accept lower highs, and the stops of everyone who is wrong pile up just outside. Therefore the first close beyond the coil usually triggers a chain of orders, which is exactly the move this tool is after.
However, eyeballing triangles is where most traders lose their objectivity. As a result Coilgun measures the thing instead: it compares the second half of the window with the first half and asks for a real contraction, lower highs and higher lows, before a single line appears.
What this triangle breakout indicator MT4 checks before it fires
- The contraction. The second half of the window must be clearly tighter than the first half.
- The convergence. Then the highs have to come down and the lows have to come up.
- The break. After that, a candle closes beyond the tight half with a body above the minimum.
- The first one only. Finally, the candle before it must still be inside the coil, so late arrows never print.
Besides, the two lines are drawn from the exact prices that formed them, in the colour of the side that broke.
How to trade the signals
- Enter on the close of the arrow candle. By then the coil has already fired.
- Stop on the other side of the coil, or tighter, under the candle that left it. Both work, and the tight one turns the same trade into four times the risk.
- Target the height of the coil projected from the break, or trail while the move keeps its pace.
- Take every market. Also, the pattern behaves the same on gold, on the pairs and on indices.
Markets and timeframes
| Gold XAUUSD | M5, the example above |
| All major pairs | M1 to H4, the same rules |
| Indices and crypto | Any chart with candles |
Squeezes happen everywhere, which is why this one has no favourite chart. In practice, the lower timeframes give several coils a day and the higher ones give bigger targets.
What is inside
- The two converging lines of every coil that fired, drawn in the colour of the break.
- Arrows on closed candles only. They do not repaint, move or disappear.
- Editable coil length, compression, break body and cushion.
- Popup, sound, push and email alerts, each one switchable.
- Premium dark chart theme, applied on attach and restored on remove.
Besides, it reads price only, so any broker and any account works. If you want robots that trade by themselves, browse our automated robots, and the rest of the manual set is in our chart tools for traders.
Questions about this triangle breakout indicator MT4
Do the triangles move? Never. They are built from closed candles and they are never redrawn, which is the whole point of this tool.
What kind of triangle does it find? Any coil where both sides give ground, which covers the symmetrical technical analysis triangle and most wedges.
How do I get more signals? Raise the compression value, so looser squeezes also count.
Do you have the other version? Yes. This is the MetaTrader 4 build, and Coilgun for MT5 draws the same coils on MetaTrader 4.
Trading involves risk. Signals are information, not advice, so try any new tool on a demo account first and only trade money you can afford to lose.
