The Chaos Zone indicator for Metatrader 5 is a Forex scalper that spots multiple buy & sell trade opportunities every day using the short-term time frames.
We will be looking for 5-20 pips per trade (depends on your favorite time frame).
The indicator consists of a series of green, purple and gray colored bars.
It works as follows:
- A green colored bar indicates short-term bullish pressure.
- A purple colored bar indicates short-term bearish pressure.
- Gray colored bars are considered neutral.
The indicator offers the following inputs and parameters for customization: colors, bar style.
The Chaos Zone Scalper should work for any trading instrument that can be loaded in the Metatrader 5 platform.
Deploy the indicator on the lower spread Forex pairs for best overall 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 Chaos Zone Scalper looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Chaos Zone Indicator?
Find a simple trading example below:
- The first green colored Chaos Zone bar is a buy signal.
- Initiate a buy order and place your stop loss below short-term support.
- Exit the buy trade for 5-20 pips (depends on your chosen time frame).
- The first purple colored Chaos Zone bar is a sell signal.
- Initiate a sell order and place your stop loss above short-term resistance.
- Exit the sell trade for 5-20 pips (depends on your chosen time frame).
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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 Chaos zone.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