The Alter Trend indicator for Metatrader 5 is a valuable scalper tool for traders looking for 5-25 pips profit per transaction.
The indicator analyses price action and determines the direction of short-term trends.
Alter Trend does not repaint and is ideal for both scalpers and intraday currency traders.
How to interpret Alter Trend?
- The green colored candle is a bullish signal.
- The gold colored candle is a bearish signal.
The following indicator inputs and parameters can be modified: K value, K period, ADX period, style.
The Alter Trend indicator 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 for an extended period of time.
It supports all time frames and Forex pairs.
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The following chart shows how the Alter Trend scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Alter Trend Scalper Indicator?
Find a simple trading example below:
- The first green colored Alter Trend candle is a buy trade entry signal.
- Open a buy trade and place your protective stop loss below short-term support.
- Exit the buy trade for 5-25 pips profit, or wait for the first gold colored bearish candle.
- The first gold colored Alter Trend candle is a sell trade entry signal.
- Open a sell trade and place your protective stop loss above short-term resistance.
- Exit the sell trade for 5-25 pips profit, or wait for the first green colored bullish candle.
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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 AlterTrend.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