The Decycler II Forex indicator for Metatrader 5 is an interesting tool that gives exact entry points in trending markets.
The indicator appears as a trend channel along with a red and blue colored signal in the middle of the channel.
Buying and selling Forex pairs is easy with the Decycler II Forex indicator!
- A bullish trend occurs when the trend channel is sloping up.
- A bearish trend occurs when the trend channel is sloping down.
- A blue colored signal line is bullish.
- A red colored signal line is bearish.
The following indicator inputs and parameters can be modified: period, channel width.
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 Decycler II Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Decycler II Forex Indicator?
Find a simple trading example below:
- The blue signal line is a buy signal.
- Open a buy trade and place a stop loss below the lower green channel line.
- Close the buy trade for a fixed take profit target of your preference, or wait for a sell signal.
- The red signal line is a buy signal.
- Open a sell trade and place a stop loss above the upper green channel line.
- Close the sell trade for a fixed take profit target of your preference, or wait for a buy 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 EhlersDecycler-II.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