The Skyscraper indicator for Metatrader 5 represents a complete trend strategy that delivers the entry signals, take profit, and stop loss levels on the price chart.
The indicator is displayed in the activity chart as buy/sell signal arrows and the accompanying stop loss trailing stop line.
The Skyscraper trend strategy for MT5 should work equally well across all available time frames.
Buy & sell signal entry levels explained:
- A buy trade occurs when the green arrow gets printed on the chart.
- A sell trade occurs when the violet arrow gets printed on the chart.
The following indicator inputs and parameters can be modified: skyscraper period, and style.
The Skyscraper strategy works for any trading instrument (Forex, Stocks, Indices, etc.) that can be loaded in the Metatrader 5 platform.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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Skyscraper.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Skyscraper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Skyscraper Strategy Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the green colored Skyscraper arrow is displayed in the price chart.
- Open a buy trade and place your stop loss slightly below the green colored trailing stop loss line.
- Exit the buy trade for a fixed take profit target or wait for a reversal sell signal.
Sell Signal
- A sell signal is given when the violet colored Skyscraper arrow is displayed in the price chart.
- Open a sell trade and place your stop loss slightly above the violet colored trailing stop loss line.
- Exit the sell trade for a fixed take profit target or wait for a reversal buy signal.
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Skyscraper.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Skyscraper.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration
