The bullish/bearish Sentiment Zone oscillator for Metatrader 5 creates bullish and bearish sentiment zones in a dedicated chart window.
The indicator is newbie friendly and should work out of the box.
The indicator works equally well for scalping, day trading and swing trading.
Key points to remember when using this tool:
- A bullish market environment occurs when the green sentiment zone gets displayed on the chart.
- A bearish market environment occurs when the orange sentiment zone gets displayed on the chart.
The following indicator inputs and parameters can be modified: time frame, sentiment zone period, price filtering period and method, up level %, down level %, push notification alert, email alert, play sound, etc.
The bullish/bearish Sentiment Zone indicator for the MT5 charting platform does not repaint the buy and sell sentiment zones in any way.
Make yourself familiar with this technical indicator and test it first on a demo account before applying it to a live account.
It supports all time frames and Forex pairs.
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The following chart shows how the Bullish/Bearish Sentiment Zone oscillator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Bullish/Bearish Sentiment Zone Oscillator?
Find a simple trading strategy below:
- A buy signal is given when the green colored bullish sentiment zone appears in the chart.
- Initiate a buy market order and place a stop order below technical support.
- Exit the open buy position for a predetermined pips target.
- A sell signal is given when the orange colored bearish sentiment zone appears in the chart.
- Initiate a sell market order and place a stop order above technical resistance.
- Exit the open sell position for a predetermined pips target.
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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 Sentiment_zone_oscillator.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