The Forex Beginner Alert indicator for Metatrader 5 represents a non-repainting buy and sell signals tool that suits beginner traders.
It helps beginners make informed buy and sell trades in any market type, either trending or ranging.
The indicator appears as blue and magenta colored arrows in the price chart.
Buy and sell trade logic:
- A blue colored arrow generates a buy trade.
- A magenta colored arrow generates a sell trade.
The following indicator inputs and parameters can be customized: shift, period, alert colors.
The beginner Alert indicator works equally well for any trading instrument supported by the MT5 charting platform.
Make yourself familiar with this technical indicator and test it first on a demo account before applying it to a live account.
It supports all time frames and Forex pairs.
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The following chart shows how the Forex Beginner Alert indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Forex Beginner Alert Indicator?
Find a simple trading example below:
- A buy signal is confirmed when the blue alert arrow shows up in the chart.
- Initiate a buy transaction and place a protective stop below short-term support.
- Trade exit method 1: close the buy trade for a predetermined profit target.
- Trade exit method 2: wait for a sell signal before closing the buy trade.
- A sell signal is confirmed when the magenta alert arrow shows up in the chart.
- Initiate a sell transaction and place a protective stop above short-term resistance.
- Trade exit method 1: close the sell trade for a predetermined profit target.
- Trade exit method 2: wait for a buy signal before closing the sell trade.
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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 BeginnerAlert.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