The Bull & Bear Wave Forex System indicator for Metatrader 5 displays the most profitable trend direction for 9 time frames in a dashboard.
The technical analysis dashboard is displayed in the upper right corner of the main chart screen.
You can spot trends from the 1-minute chart up to the monthly chart.
Key Points:
- A green circle indicates a bullish trend.
- A red circle indicates a bearish trend.
- Strong trends occur when most circles are the same color, either green or red.
The following indicator inputs and parameters can be modified: time frames calculation signal starts, last time frame calculation signal, display alerts, email alert, send notification, display trade info, colors, and arrow colors.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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Chart Example
The following chart shows how the Bull & Bear Wave Forex System indicator looks when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Bull & Bear Wave Forex System Indicator?
Find a simple trading example below:
Buy Signal
- A green circled signal is bullish for your chosen time frame.
- Open a buy trade and place a stop loss below the most recent support zone.
- Close the buy trade for a fixed take profit target of your preference, or wait for a sell signal.
Sell Signal
- A red circled signal is bearish for your chosen time frame.
- Open a sell trade and place a stop loss above the most recent resistance zone.
- Close the sell trade for a fixed take profit target of your preference, or wait for a buy signal.
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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 WaveMTF.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