The Bykov Trend Signal indicator for Metatrader 5 generates buy and sell signal candles and works in a similar fashion to the Brain Trend V2 indicator.
The indicator should work equally well for any time frame and currency pair.
Understanding the Bykov Trend Signal indicator:
- A green colored Bykov candle indicates bullish pressure.
- A Gold colored Bykov candle indicates bearish pressure.
The following indicator inputs and parameters can be modified: risk, SSP.
It supports all time frames, Forex pairs, Indices, Stocks, Metals, etc.
Make yourself familiar with this technical indicator and test it first on a demo account before using it on real trading account.
Please note: there’s no indicator ever developed that generates 100% accurate trading signals measured over a prolonged period of time.
Download Indicator 🆓
The following chart shows how the Bykov Trend Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Bykov Trend Signal Indicator?
Find a simple trading example below:
- The first green colored Bykov candle is a buy entry signal (see chart above example).
- Initiate a buy trade and place a stop loss order below the most recent support zone.
- Exit the long trade for a risk/reward ratio of at least 1, or wait for a sell signal.
- The first Gold colored Bykov candle is a sell entry signal.
- Initiate a sell trade and place a stop loss order above the most recent resistance zone.
- Exit the short trade for a risk/reward ratio of at least 1, or wait for a buy signal.
Download Now 🆓
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_V2.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