The Divergence Candles indicator for Metatrader 5 delivers scalper signal arrows based on divergence found between candles and price.
The indicator works the best to identify short-term trade opportunities in existing Forex trends.
It should be combined with a trend indicator, for example a moving average, and only open trades in the direction of the prevailing trend.
Understanding the indicator:
- A blue colored divergence arrow represents bullish divergence.
- A red colored divergence arrow represents bearish divergence.
The following indicator inputs and parameters can be modified: colors.
It supports all time frames, Forex pairs, Indices, Stocks, Metals, etc.
Make yourself familiar with this technical indicator and test it first on a demo account before using it on real trading account.
Please note: there’s no indicator ever developed that generates 100% accurate trading signals measured over a prolonged period of time.
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The following chart shows how the Divergence Candle indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Divergence Candle Forex Indicator?
Find a simple trading example below:
- A short-term buy signal is given when the blue colored divergence arrow appears on the chart.
- The overall trend should be pointing upward.
- Initiate a buy trade and place a stop loss order below short-term support.
- Close the buy trade for 4-12 pips profit.
- A short-term sell signal is given when the red colored divergence arrow appears on the chart.
- The overall trend should be pointing downward.
- Initiate a sell trade and place a stop loss order above short-term resistance.
- Close the sell trade for 4-12 pips profit.
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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 Divergence_Candles.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