The Digital Trend Signal Forex indicator for Metatrader 5 is an intelligent technical tool that can help you pinpointing trade entry signals more accurately.
The indicator presents a colored clouds system that appears in a dedicated chart window.
How to trade Forex with this technical tool?
- A green colored digital cloud generates a buy signal.
- A pink colored digital could generates a sell signal.
The indicator works equally well for newbies and seasoned traders alike.
The indicator contains the following inputs and parameters: trigger ratio, price constant, horizontal shift in bars.
Make yourself familiar with this technical indicator and test it first on a demo account before applying it to a live account.
In order to maximize profits using the Digital Trend Signal indicator, it’s recommended to combine it with a longer-term trend indicator, for example, the 200 period moving average.
It supports all time frames and Forex pairs.
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The following picture shows how the Digital Trend Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Digital Trend Signal Indicator?
Find a simple trading strategy below:
- Buy market condition: it’s important for the market to show a clear upward trend.
- A buy trade is triggered when the green colored cloud gets shown in the chart.
- Add a protective stop order below short-term support.
- Exit the buy trade for a fixed pip profit target of your preference.
- Sell market condition: it’s important for the market to show a clear downward trend.
- A short trade is triggered when the pink colored cloud gets shown in the chart.
- Add a protective stop order above short-term resistance.
- Exit the sell trade for a fixed pip profit target of your preference.
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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 digitalf-t01.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