Camarilla Points for Metatrader 5 is an interesting pivot point and support/resistance Forex indicator that works on the Camarilla trading formula.
It plots the pivot point and 5 support and resistance levels on the main chart.
Determining trend bias with this indicator:
- A price move above the Camarilla pivot point is bullish.
- A price move below the Camarilla pivot point is bearish.
The accompanying support and resistance levels can be used for stop loss placement and take profit.
This indicator works equally well for scalpers, day traders and swing traders.
The following indicator inputs can be modified: S1-S5 buffer color, R1-R5 buffer color.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the Camarilla Pivot Point indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Camarilla Points Indicator?
Find a simple trading example below:
- A buy signal occurs when the candle closes above the pivot point from below.
- Open a buy market order and place your stop below the red colored support levels.
- Close the buy trade at one of the blue colored Camarilla resistance levels.
- A sell signal occurs when the candle closes below the pivot point from above.
- Open a sell market order and place your stop above the blue colored resistance levels.
- Close the sell trade at one of the red colored Camarilla support levels.
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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 Camarillapoints.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