The Detrended Synthetic Price (DSP) oscillator for Metatrader 5 follows the trend and delivers no-repaint buy and sell trading signals.
It gets displayed in a sub chart window as a red colored line that oscillates above and below the 0.00 level.
How to trade Forex with the DSP oscillator?
- The trend is bullish when the red oscillator line appears above 0.00.
- The trend is bearish when the red oscillator line appears below 0.00.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
Tip for 1-minute and 5-minute chart traders: the London and New York trading sessions work the best when using the Detrended Synthetic Price oscillator.
The DSP oscillator indicator works across all possible time frames and trading instruments supported by the MT5 trading platform.
Configurable parameters and input settings: half period MA, method (exponential), applied price.
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The following chart shows how the Detrended Synthetic Price indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Detrended Synthetic Price Oscillator?
Find a simple trading example below:
- A buy signal is created when the red line crosses the 0.00 level bottom up.
- Open a buy trade and place your stop loss order below the most recent swing low.
- Exit the buy trade for a risk/reward ratio of at least 1, or wait for a reversal sell signal.
- A sell signal is created when the red line crosses the 0.00 level top down.
- Open a sell trade and place your stop loss order above the most recent swing high.
- Exit the sell trade for a risk/reward ratio of at least 1, or wait for a reversal 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 DSP.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