The Entropy Fast Signals Metatrader 5 forex indicator is a trading oscillator used to generate fast buy and sell trading signals for any forex pair.
The entropy is computed using the maximum entropy method.
The trend is found to be short-term bullish when the Entropy indicator trades above its zero level.
Conversely, the trend is found to be short-term bearish when the Entropy indicator trades below its zero level.
Free Download
Download the “entropy.ex5” MT5 indicator
Example Chart
The AUD/USD H1 chart below displays the Entropy Fast Signals Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the Indian red line of the entropy Metatrader 5 custom forex indicator breaks and hovers above the zero level (blue dotted horizontal line).
Sell Signal: Go short when the Indian red line of the entropy Metatrader 5 custom forex indicator breaks and stays below the zero level (blue dotted horizontal line).
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Indian red line of the entropy MT5 forex indicator dips below the zero level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Indian red line of the entropy MT5 forex indicator surges above the zero level.
Tips: The entropy forex indicator is built for traders of all seasons i.e. scalpers, swing traders, intraday trader, etc.
Traders are advised to tweak the entropy MT5 indicator parameter settings to suit their individual trading preference.
Download
Download the “entropy.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period of the indicator, Horizontal shift of the indicator in bars), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: oscillator
Installation
Copy and paste the entropy.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)