The Bull and Bear Forex Balance indicator for Metatrader 5 attempts to find a balance between market buyers and sellers and displays signals in the chart.
The indicator pops up in a bottom chart as green and violet colored bars that oscillate above and below the zero level.
It never repaints the bars and should work equally well for any time frame that can be traded in MT5.
Understanding the Bull and Bear Forex Balance indicator:
- A green colored bar indicates that buyers outrank the sellers (uptrend).
- A violet colored bar indicates that sellers outrank the buyers (downtrend).
The following indicator inputs and parameters can be modified: period, method, smoothing period, smoothing method.
Scalpers and day traders will benefit the most from this indicator during the London and New York trading sessions.
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 Trading The Bull and Bear Forex Balance indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Trading The Bull And Bear Forex Balance Indicator?
Find a simple trading example below:
- The start of the green colored histogram generates a buy signal.
- Open a buy trade and place a stop loss 3 pips below medium-term support.
- Take profit when the histogram reverses back to violet color, or utilize your own take profit strategy.
- The start of the violet colored histogram generates a sell signal.
- Open a sell trade and place a stop loss 3 pips above medium-term resistance.
- Take profit when the histogram reverses back to green color, or utilize your own take profit strategy.
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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 BBB.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