The Brain Trend V2 Scalper indicator for Metatrader 5 is somewhat a popular scalper tool that displays its signals in the form of colored candles.
The indicator works the best for both scalpers and intraday currency traders during the London and New York trading sessions.
It’s advised to deploy it in the low spread FX pairs for maximum performance.
Understanding the Brain Trend V2 Scalper indicator:
- A green colored Brain Trend candle is considered bullish.
- A violet colored Brain Trend candle is considered bearish.
The following indicator inputs and parameters can be modified: ATR period, candle style.
It supports all time frames, Forex pairs, Indices, Stocks, Metals, etc.
Make yourself familiar with this technical indicator and test it first on a demo account before using it on real trading account.
Please note: there’s no indicator ever developed that generates 100% accurate trading signals measured over a prolonged period of time.
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The following chart shows how the Brain Trend V2 Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Brain Trend V2 Scalper Indicator?
Find a simple trading example below:
- The first green colored Brain Trend candle in the array is a buy signal.
- Open a buy trade and place your protective stop loss below short-term support.
- Exit the long trade for 5-20 pips profit, or hold the trade until the first violet colored bearish candle gets displayed in the chart.
- The first violet colored Brain Trend candle in the array is a sell signal.
- Open a sell trade and place your protective stop loss above short-term resistance.
- Exit the short trade for 5-20 pips profit, or hold the trade until the first green colored bullish candle gets displayed 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 BrainTrend2_V2.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