The Dynamic Balance Point indicator for Metatrader 5 is a solid stop and reversal Forex tool that can be used for both trade entries and exit signals.
The indicator gets displayed in the main price chart as a blue colored line that appears above and below the candlesticks.
Understanding the Dynamic Balance Point indicator:
- The blue colored line below the candles marks an uptrending currency market.
- The blue colored line above the candles marks a downtrending currency market.
The following indicator inputs and parameters can be modified: dynamic balance point period, dynamic balance point time frame, style.
The indicator should work equally well across all time frames and trading instruments (Forex, Gold, Indices, Stocks, etc.).
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
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The following chart shows how the Dynamic Balance Point indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Dynamic Balance Point Forex Indicator?
Find a simple trading example below:
- A buy signal occurs when the blue colored Dynamic Balance Point line appears below the candles.
- Execute a buy order and place a protective stop loss below the blue line.
- Exit the buy trade for a fixed profit target, or hold the trade until the blue line appears above the candles.
- A sell signal occurs when the blue colored Dynamic Balance Point line appears above the candles.
- Execute a sell order and place a protective stop loss above the blue line.
- Exit the sell trade for a fixed profit target, or hold the trade until the blue line appears below the candles.
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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 Dynamic balance point.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