The Forex tick chart indicator for Metatrader 5 draws a tick chart along with the corresponding bid and ask prices in a dedicated chart window.
With each new tick, the chart updates all relevant data, including the bid and ask prices:
- The bid price line is colored blue.
- The ask price line is colored red.
You can adjust the following parameters: number of ticks and points.
This indicator seamlessly works with all Forex pairs supported by the MT5 charting platform.
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Chart Example EURUSD M5
The image presented below showcases the Forex Tick Chart indicator when applied to the MT5 charting platform.
MT5 Trading Strategy: Real-Time Scalping with Forex Tick Chart and Silver Trend Signal
This strategy leverages the ultra-responsive Forex Tick Chart Indicator to capture market micro-movements combined with the trend-confirming Silver Trend Signal Indicator.
It is ideal for scalpers who want to enter trades quickly within the context of a confirmed trend.
Indicators Used
- Forex Tick Chart Indicator: Displays tick-by-tick price changes to provide highly granular real-time market data.
- Silver Trend Signal Indicator: Generates clear buy and sell signals based on trend shifts for entry confirmation.
Timeframes
Best suited for M1 and tick charts for fast scalping opportunities.
Buy Entry Rules
- The Silver Trend Signal Indicator shows a buy signal, confirming an upward trend.
- Observe the Forex Tick Chart Indicator for an uptick in buying pressure (e.g., increasing upward ticks or volume spikes).
- Enter a long position at the earliest tick confirming the trend.
- Place a tight stop-loss just below the recent minor low or tick support level.
- Take profit quickly, targeting small but consistent gains due to the fast nature of tick scalping.
Sell Entry Rules
- The Silver Trend Signal Indicator issues a sell signal, indicating downward trend momentum.
- Confirm with the Forex Tick Chart Indicator showing increased selling ticks or volume.
- Open a short position at the first tick confirming the move.
- Set a tight stop-loss just above the recent minor high or tick resistance level.
- Close the trade swiftly at small profit targets or trail stops to capture quick scalps.
Strategy Tips
- Focus on highly liquid pairs to ensure smooth order execution during scalping.
- Use the Silver Trend Signal Indicator as your trend filter to avoid countertrend trades.
- Maintain strict risk management as scalping involves frequent trades with tight stops.
Conclusion
By combining the granular market insight from the Forex Tick Chart Indicator with the clear directional guidance of the Silver Trend Signal Indicator, scalpers can quickly enter and exit trades with precision within the dominant market trend.
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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 ticks.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!
