The Bulls and Bears Forex indicator for Metatrader 5 tracks bulls versus bears market momentum for spotting buy & sell trading opportunities.
The indicator appears in a separate chart window as a green and orange colored trading zone + brown signal line.
The trade logic works as follows:
- The market state is bullish when the brown signal line enters the green trading zone.
- The market state is bearish when the brown signal line enters the orange trading zone.
The indicator allows customizing the following settings and parameters: bulls and bears period, colors, style.
The Bulls and Bears indicator works for any trading instrument that can be loaded in the Metatrader 5 platform.
For M1 and M5 chart traders: deploy the indicator on the lower spread Forex pairs for best trading performance.
Make yourself familiar with this technical indicator and test it first on a demo account before using it on a real account.
It supports all time frames and Forex pairs.
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The following chart shows how the Bulls and Bears indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Bulls And Bears Signal Indicator?
Find a simple trading example below:
- A buy signal arises when the brown colored signal line enters the green bull trading zone.
- Open a buy trade and place a stop loss slightly below technical support.
- Exit the long trade for a fixed profit target, or wait for a sell signal.
- A sell signal arises when the brown colored signal line enters the orange colored bear trading zone.
- Open a sell trade and place a stop loss slightly above technical resistance.
- Exit the short trade for a fixed profit target, 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 Bulls and bears.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