The Bykov HFT Forex Signal indicator for Metatrader 5 works similarly to the super Bykov Forex Alert indicator.
This version introduces a feature that allows traders to execute trades based on higher time frame signals using lower time frame charts (HFT input variable).
For instance, it allows displaying signal alerts from the 1-hour chart on the 5-minute chart.
Buy and sell trade criteria:
- A green Bykov HFT arrow generates a buy signal.
- A magenta Bykov HFT arrow generates a sell signal.
You have the flexibility to adjust the following indicator inputs and variables: indicator chart period, risk, SSP, horizontal shift, sell symbol, and buy symbol.
The Bykov HFT signal indicator can be easily integrated with an existing trading strategy to validate the buy or sell trend.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
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bykovtrend_htf.mq5 Indicator (MT5)
Chart Example
The picture below shows how the Bykov HFT Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Bykov HFT Forex Signal Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is validated when the green colored Bykov HFT arrow gets displayed in the price chart.
- Initiate a buy transaction and add a stop order below the previous swing low zone.
- Exit the buy trade for a risk/reward ratio of at least 1.5 or higher.
- Optional: reverse the buy trade when the magenta colored arrow appears on the chart.
Sell Signal
- A sell signal is validated when the magenta colored Bykov HFT arrow gets displayed in the price chart.
- Initiate a sell transaction and add a stop order above the previous swing high zone.
- Exit the sell trade for a risk/reward ratio of at least 1.5 or higher.
- Optional: reverse the sell trade when the green colored arrow appears on the chart.
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bykovtrend_htf.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 bykovtrend_htf.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