The Count Back Forex Signal indicator for Metatrader 5 is built of two trend-following lines and it can be used as a powerful crossover trading system.
It shows up in the price chart as a blue and red colored line.
How to interpret this indicator?
- The blue line above the red line is a bullish signal.
- The red line above the blue line is a bearish signal.
- The Count Back Forex Signal indicator works well for scalpers and day traders using the 5-minute and 15-minute trading charts.
- Swing traders can use the indicator successfully on the 1-hour, 4-hour and daily charts.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
This technical tool works on all possible time frames and trading instruments supported by the MT5 trading platform.
Configurable parameters and input settings: count back lines period, style, color.
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The following chart shows how the Count Back Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Count Back Forex Signal Indicator?
Find a simple trading example below:
- A buy signal occurs as soon as the blue line crosses the red line bottom up.
- Open a buy trade and place a stop below the previous swing low level.
- Hold the buy trade until a sell signal gets printed on the chart, or exit for a fixed profit target.
- A sell signal occurs as soon as the blue line crosses the red line top down.
- Open a sell trade and place a stop above the previous swing high level.
- Hold the sell trade until a buy signal appears in the price chart, or exit for a fixed profit target.
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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 Countback lines.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