The ASCtrend indicator for Metatrader 5 is a popular Forex signal generating tool that has been around for quite some time.
The indicator delivers the buy and sell signals in the price chart in the form of blue and magenta colored circles.
Essentially, this tool will analyze the currency market and shows the most profitable trend at any given moment.
Understanding the The ASCtrend indicator:
- A blue circle in the chart is a buy signal.
- A magenta circle in the chart is a sell signal.
- The indicator is always active in the FX market.
The following indicator inputs and parameters can be modified: risk, period, color style.
Scalpers and day traders will benefit the most from this indicator during the most volatile trading sessions (London, New York).
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 ASCtrend Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The ASCtrend Forex Signal Indicator?
Find a simple trading example below:
- A buy signal is given when the blue colored circle gets displayed in the price chart (see chart above).
- Open a buy trade and place a stop loss order below the most recent swing low price.
- Exit the buy trade for a fixed take profit or reverse the trade when the magenta colored circle appears in the chart.
- A sell signal is given when the magenta colored circle gets displayed in the price chart.
- Open a sell trade and place a stop loss order above the most recent swing high price.
- Exit the sell trade for a fixed take profit or reverse the trade when the blue colored circle appears in the chart.
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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 ASCtrend_NRTR.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