The DSS Forex indicator for Metatrader 5 delivers interesting trading signals based on overbought and oversold market levels.
The indicator appears in a separate chart window as two colored signal lines that oscillate between overbought and oversold levels.
How to identify overbought & oversold market levels with the DSS indicator?
- The 80.0 level indicates an overbought currency market.
- The 20.0 level indicates an oversold currency market.
The DSS indicator also helps you to open and close trades based on the aforementioned market levels.
The indicator contains the following inputs and parameters: period, EMA period, signal period, overbought (80.0), oversold (20.0).
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 DSS Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The DSS Forex Indicator?
Find a simple trading example below:
- A buy signal occurs when the DSS indicator turns back above 20.0 and the overall market trend is upward.
- Open a buy transaction and place your stop loss 3 pips below most recent support.
- Close the buy trade as soon as the indicator reaches the 80.0 overbought market level.
- A sell signal occurs when the DSS indicator turns back below 80.0 and the overall market trend is downward.
- Open a sell transaction and place your stop loss 3 pips above most recent resistance.
- Close the sell trade as soon as the indicator reaches the 20.0 oversold market level.
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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 DSS.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