The Forex Cloud Signal Trader for Metatrader 5 is an amazing tool that creates signals based on two colored clouds and the RSI indicator.
The indicator appears in a bottom window as two colored clouds and an RSI based signal indicator.
How to interpret buy & sell trends with this technical tool?
- The green RSI lines are a bullish signal.
- The red RSI lines are a bearish signal.
- The gray RSI lines indicate a sideways trend.
The following indicator inputs and parameters can be modified: period RSI, cloud colors, style.
For scalpers, the indicator should deliver the best results in the London and New York trading sessions.
Make yourself familiar with this technical indicator and test it first on a demo account.
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The following chart shows how the Forex Cloud Signal Trader indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Forex Cloud Signal Trader Indicator?
Find a simple trading example below:
- A buy signal is given when the green colored RSI lines touch the purple colored cloud from below.
- Open a buy trade and set your stop loss slightly below the most recent support level.
- Close the buy trade for a fixed profit target or hold the trade until the RSI lines reverse back to red color.
- A sell signal is given when the red colored RSI lines touch the violet colored cloud from above.
- Open a sell trade and set your stop loss slightly above the most recent resistance level.
- Close the sell trade for a fixed profit target or hold the trade until the RSI lines reverse back to green color.
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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 ColorRSI_X20_Cloud.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