The CandleStop Forex System Alert indicator for Metatrader 5 delivers strong trend signals with alerts based on candles and a channel.
The indicator gets displayed in the activity chart as a trend-following channel and the accompanying candles.
This trading system works for any time frame, from the M1 price chart up to the monthly.
How to interpret the CandleStop Forex System Alert indicator?
- An upward sloping channel indicates an uptrending market.
- A downward sloping channel indicates a downtrending market.
The following indicator inputs and parameters can be modified: period, candle colors.
The CandleStop Forex System works for any trading instrument (Forex, Stocks, Indices, etc.) that can be loaded in the Metatrader 5 platform.
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 Candle Stop Forex System Alert indicator looks like when applied to the MT5 chart.
How To Buy And Sell Pairs With The Candle Stop Forex System Alert Indicator?
Find a simple trading example below:
- A buy signal occurs when the blue colored candle touches the upper green channel line.
- Open a buy trade and place your stop loss 3 pips below technical support.
- Close the buy trade for a fixed take profit target or wait for a sell signal.
- A sell signal occurs when the magenta colored candle touches the lower orange channel line.
- Open a sell trade and place your stop loss 3 pips above technical resistance.
- Close the sell trade for a fixed take profit target or wait for a bullish trend reversal 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 CandleStop_System_Alert.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