The Fractal Bar indicator for Metatrader 5 represents a solid Forex trading signal tool that works great for beginner traders.
The indicator delivers easy to follow buy & sell signals that work for any time frame and currency pair of your preference.
It can be combined with any trading strategy for additional trend confirmation, or as a standalone buy/sell trend-following indicator.
How does it work?
- A green colored Fractal Bar indicates that the overall trend is expected to continue to rise.
- A red colored Fractal Bar indicates that the overall trend is expected to continue to decline.
- A gray colored bar is considered neutral.
The indicator contains the following inputs and parameters: style, colors.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The following chart shows how the Fractal Bar indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Fractal Bar Trend Indicator?
Find a simple trading example below:
- A buy signal is given when the first green colored fractal bar appears in the chart.
- Open a long trade and place your stop loss order below short-term support.
- Exit the buy trade for a fixed profit target or wait for the first red colored fractal bar.
- A sell signal is given when the first red colored fractal bar appears in the chart.
- Execute a short trade and place your stop loss order above short-term resistance.
- Exit the sell trade for a fixed profit target or wait for the first green colored fractal bar.
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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 Fractal_Bar_Indicator.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