The Disparity Index Signal indicator designed for Metatrader 5 is a non-repainting oscillator that provides precise trade entry and exit signals to Forex traders.
The indicator gets displayed in a bottom chart window as colored histogram bars that appear above and below 0.
How does the Disparity Index Signal indicator work?
- A colored blue histogram bar signals a bullish trend.
- A colored red histogram bar signals a bearish trend.
- The indicator alternates between buy and sell signals.
The indicator contains the following inputs and parameters: method (simple), period, levels coefficients (3.0).
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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disparityindex.mq5 Indicator (MT5)
Chart Example
The picture below shows how the Disparity Index Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Disparity Index Signal Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is triggered when the blue colored histogram bar gets shown on the chart.
- Place a protective stop loss 3-5 pips below short-term support.
- Close the buy trade for a predetermined pips target of your preference.
- Optional: hold and reverse the buy trade when the first red colored bar appears in the chart.
Sell Signal
- A sell signal is triggered when the red colored histogram bar gets shown on the chart.
- Place a protective stop loss 3-5 pips above short-term resistance.
- Close the buy trade for a predetermined pips target of your preference.
- Optional: hold and reverse the sell trade when the first blue colored bar appears in the chart.
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disparityindex.mq5 Indicator (MT5)
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 disparityindex.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