The Boom & Crash indicator for Metatrader 5 is a popular trading tool that delivers trading signals to Forex pairs and a diverse range of Boom/Crash indices.
The indicator draws the buy and sell signal arrows directly on the price chart.
Employing the Boom & Crash indicator is a straightforward process, and it operates in the following manner:
- The blue colored Boom & Crash arrow provides a buy trade opportunity.
- The red colored Boom & Crash arrow provides a sell trade opportunity.
The indicator offers the following customizable inputs and parameters: calculation bars, percentage distance, high/low period, colors.
Forex scalpers can especially benefit from using this tool during the most volatile trading hours, particularly on low spread currency pairs.
It is always wise to experiment with the Boom & Crash indicator on a demo account first before applying it to a real trading account.
Download Indicator 🆓
The image below shows how the Boom & Crash indicator looks like when applied to the MT5 charting platform.
How To Buy And Sell Forex Pairs With The Boom & Crash Indicator?
Find a simple trading example below:
- The blue colored Boom & Crash arrow signals a new buy trade.
- Open a buy market order and place your stop loss below short-term support.
- Reverse the buy position when the red colored arrow appears on the chart.
- Alternatively: exit the buy position for a fixed take profit target that suits your trading style.
- The red colored Boom & Crash arrow signals a new sell trade.
- Open a sell market order and place your stop loss above short-term resistance.
- Reverse the sell position when the blue colored arrow appears on the chart.
- Alternatively: exit the sell position for a fixed take profit target that suits your trading style.
Download Now 🆓
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 boom-crash-mt5.ex5 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