The Arbitrage indicator for Metatrader 5 generates bullish and bearish candles in the price chart that can be utilized for accurate trade entry.
The basis of this indicator relies on a combination of multiple technical indicators.
To effectively utilize the Arbitrage indicator, it is recommended to combine it with a trend indicator.
Here’s how you should interpret the colored purple and yellow candlesticks:
- A purple colored Arbitrage candlestick is bullish.
- A yellow colored Arbitrage candlestick is bearish
The indicator offers the following inputs and parameters for customization: moving average settings, MACD settings, Stochastic settings, CCI settings, DeMarker settings, TRIX settings, etc.
The Arbitrage indicator works for any trading instrument supported by the Metatrader 5 charting platform.
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The picture below illustrates how the Arbitrage Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Pairs With The Arbitrage Indicator?
Find a simple trading strategy below:
- Buy market condition: it is crucial for the market trend to demonstrate a clear uptrend.
- A colored purple candle indicates bullish pressure (buy signal).
- Open a buy trade and place a protective stop order below swing support.
- Exit the buy trade for a fixed take profit target.
- Sell market condition: it is crucial for the market trend to demonstrate a clear downtrend.
- A colored yellow candle indicates bearish pressure (sell signal).
- Open a sell trade and place a protective stop order above swing resistance.
- Exit the sell trade for a fixed take profit target.
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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 Arbitrage.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