The Entropy Trend Signal oscillator for Metatrader 5 is a super easy to use, yet powerful buy and sell trend-following price oscillator.
The indicator gets loaded in a separate chart window as colored trend bars oscillating above and below the neutral 0 level.
How to identify bull/bear market sentiment with this tool?
- A bullish market sentiment occurs when the Entropy bars appear above 0.
- A bearish market sentiment occurs when the Entropy bars appear below 0.
The indicator allows customizing the following settings and parameters: entropy period, horizontal shift.
Before utilizing the Entropy indicator on a live trading account, it is advisable to first gain experience by practicing with it on a demo account.
Keep in mind that its trading performance may fluctuate based on market conditions, so it’s crucial to maintain realistic expectations.
Download Indicator 🆓
The picture below illustrates how the Entropy Trend Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Entropy Trend Signal Oscillator?
Find a simple trading strategy below:
- A buy signal is triggered when the Entropy bars cross back above the 0 level.
- Initiate a buy transaction and place a stop below the most recent swing low zone.
- Exit the buy trade for a risk to reward ratio of at least 1.0, or hold and wait for a sell signal.
- A sell signal is triggered when the Entropy bars cross back below the 0 level.
- Initiate a sell transaction and place a stop above the most recent swing high region.
- Exit the sell trade for a risk to reward ratio of at least 1.0, or hold and wait for a buy signal.
Download Now 🆓
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 colorentropy.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