The German Sniper Indicator V2 indicator for Metatrader 5 is an extremely popular standalone trading tool that delivers top-notch Forex trend reversal signals.
Whether you’re a novice or an experienced trader, this 100% no-repaint technical indicator caters to all skill levels.
To identify market trend reversals using this indicator, follow the easy guidelines below:
- A bullish trend reversal signal occurs when the blue colored German Sniper Indicator V2 line appears on the price chart.
- A bearish trend reversal signal occurs when the red colored German Sniper Indicator V2 line appears on the price chart.
This indicator offers various inputs and parameters that can be fully modified: reversal, reversal in pips, reversal in %, and colors.
You can apply this powerful technical indicator to a wide range of financial instruments, including currency pairs, indices, metals, stocks, etc.
It is advisable to familiarize yourself with its functionality and conduct thorough testing on a demo account.
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The image below shows how the German Sniper Indicator V2 indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Utilizing The German Sniper Indicator V2 Indicator?
Find a simple trading example below:
- A buy signal is given when the blue colored German Sniper V2 indicator line gets displayed on the chart.
- Open a buy trade and add a stop order slightly below support.
- Exit the buy trade for a predetermined profit target, or hold and wait until the red colored line appears on the chart.
- A sell signal is given when the red colored German Sniper V2 indicator line gets displayed on the chart.
- Open a sell trade and add a stop order slightly above resistance.
- Exit the sell trade for a predetermined profit target, or hold and wait until the blue colored line appears on the chart.
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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 German Sniper V2.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