The Fisher Cyber Cycle oscillator designed for Metatrader 5 is a valuable technical tool that identifies overbought and oversold market conditions.
The indicator gets loaded in a sub chart window showing two colored lines that oscillate above and below the 70 and -70 extreme boundaries.
How to identify the overbought and oversold market state?
- The market state is considered overbought when the indicator reading is 70 or higher.
- The market state is considered oversold when the indicator reading is -70 or lower.
The indicator contains the following inputs and parameters: ratio, period, horizontal shift.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
The Fisher Cyber Cycle oscillator should be combined with a trend indicator to achieve the best trading results.
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The image below illustrates how the Fisher Cyber Cycle oscillator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Fisher Cyber Cycle Oscillator?
Find a simple trading example below:
- Buy market condition: it is crucial for the currency pair to show a clear uptrend.
- A buy signal occurs when the Fisher Cyber Cycle oscillator crosses back above -70 from below.
- Open a buy trade and set a stop order below short-term support.
- Exit the buy trade for a minimal risk to reward ratio of 1.0.
- Alternatively, close the buy trade if a sell signal appears in the chart.
- Sell market condition: it is crucial for the currency pair to show a clear downtrend.
- A sell signal occurs when the Fisher Cyber Cycle oscillator crosses back below 70 from above.
- Open a sell trade and set a stop order above short-term resistance.
- Exit the sell trade for a minimal risk to reward ratio of 1.0.
- Alternatively, close the sell trade if a buy signal appears in the chart.
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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 fishercybercycle.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