The BSI Trend indicator version 1.1 for Metatrader 5 provides trend trading signals to currency traders utilizing a linear weighted moving average and BSI filters.
The indicator gets shown on the price chart as a 2-color signal line that alternates between a buy and sell signal.
It’s an accurate beginner friendly trading tool that never repaints the signal line.
Spotting the trend with the BSI Trend Version 1.1 indicator:
- The dark-blue colored signal line indicates a buy market trend.
- The pink colored signal line suggests a sell market trend.
The indicator contains the following inputs and parameters: BSI calculation bars, fast period, slow period, using tick volume, LWMA period.
Make yourself familiar with this technical indicator and test it first on a demo account before applying it to a live account.
Tip: you can easily combine the BSI Trend indicator with other technical analysis tools and strategies.
It supports all time frames and Forex pairs.
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bsi_trend_indicator_v1.1.mq5 Indicator (MT5)
Chart Example
The following picture shows how the BSI Trend indicator version 1.1 looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The BSI Trend indicator Version 1.1?
Find a simple trading strategy below:
Buy Signal
- The start of the dark-blue colored BSI signal line generates a buy signal.
- Initiate a buy transaction and place a protective stop below the previous swing low region.
- Close the long trade for a fixed pip target (for example, +30 pips on the 15-minute chart).
- Optional: hold the buy trade until the pink colored BSI sell line gets shown on the chart.
Sell Signal
- The start of the pink colored BSI signal line generates a sell signal.
- Initiate a sell transaction and place a protective stop above the previous swing high zone.
- Close the short trade for a fixed pip target (for example, +60 pips on the 1-hour chart).
- Optional: hold the sell trade until the dark-blue colored BSI buy line gets shown on the chart.
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bsi_trend_indicator_v1.1.mq5 Indicator (MT5)
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 bsi_trend_indicator_v1.1.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
