The Congestion Index FX Scalper indicator for Metatrader 5 identifies the best short-term trend changes and delivers solid trading signals.
The indicator appears in a bottom chart window as colored trend clouds.
How to spot the short-term trend with it?
- The blue colored cloud represents a buy trend.
- The red colored cloud represents a sell trend.
The following indicator inputs and parameters can be modified: look back period, price, smoothing period, signal period.
In order to achieve the best success rate:
- Deploy on the low spread currency pairs.
- Trade only during the most volatile trading hours.
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.
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The following chart shows how the Congestion Index FX Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Congestion Index FX Scalper Indicator?
Find a simple trading example below:
- The appearance of the blue Congestion Index cloud is a buy trade entry signal.
- Open a buy trade and set a stop order below technical support.
- Exit the buy scalper trade for 7-20 pips profit.
- The appearance of the red Congestion Index cloud is a sell trade entry signal.
- Open a sell trade and set a stop order above technical resistance.
- Exit the sell scalper trade for 7-20 pips profit.
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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 Congestion index.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