The Forex Arrow system indicator for Metatrader 5 is an out of the box trading system that delivers the entry price, stop loss price and possible take profit levels.
The indicator pops up in the price chart as colored buy/sell arrows along with stop loss levels and take profit targets.
How to trade with the non-repaint Forex Arrow system indicator?
- A green colored arrow represents a buy trade.
- A magenta colored arrow represents a sell trade.
The following indicator inputs and parameters can be modified: period, style color.
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 Forex Arrow Trading System indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Forex Arrow Trading System Indicator?
Find a simple trading example below:
- A buy signal is given as soon as the green colored arrow pops up on the price chart.
- Open a buy trade and place a protective stop loss just below the blue colored dots.
- You can trail your stop loss up just below the blue colored dots.
- Exit the buy trade for a risk/reward ratio of at least 1:1.5, or wait for a magenta colored trend reversal arrow.
- A sell signal is given as soon as the magenta colored arrow pops up on the price chart.
- Open a sell trade and place a protective stop loss just above the red colored dots.
- You can trail your stop loss down just above the red colored dots.
- Exit the sell trade for a risk/reward ratio of at least 1:1.5, or wait for a green colored trend reversal arrow.
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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 HLCrossSigForMFI.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