The Forex Power System indicator for Metatrader 5 is a solid trend following tool that’s built up of a series of colored trend candles.
The candles produce the actual trading signals directly in the price chart.
Understanding the different colors:
- A violet colored candle is a bullish signal.
- A green colored candle is a bearish signal.
- A purple colored candle is neutral (noise).
The following indicator inputs and parameters can be modified: MACD fast, MACD slow, MACD signal, rise color, drop color, noise color.
It supports all time frames, Forex pairs, Indices, Stocks, Metals, etc.
Make yourself familiar with this technical indicator and test it first on a demo account before using it on real trading account.
Please note: there’s no indicator ever developed that generates 100% accurate trading signals measured over a prolonged period of time.
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The following chart shows how the Forex Power System indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Forex Power System Indicator?
Find a simple trading example below:
- The first violet colored candle is your buy trade entry signal.
- Open a buy trade and place your protective stop loss below support.
- Close and reverse the buy trade as soon as the green colored candle appears on the chart.
- Don’t like to wait for a bearish reversal signal? Exit the buy trade a fixed profit target.
- The first green colored candle is your sell trade entry signal.
- Open a sell trade and place your protective stop loss above resistance.
- Close and reverse the sell trade as soon as the violet colored candle appears on the chart.
- Don’t like to wait for a bullish reversal signal? Exit the sell trade a fixed profit target.
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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 PowerSystem.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