The Karacatica Forex indicator for Metatrader 5 provides reliable trading signals based on the Average True Range (ATR) to both scalpers and day traders.
These signals are visually represented on the price chart by arrows in green and magenta colors.
To utilize the indicator for trading, follow these guidelines:
- A green arrow indicates a potential bullish trend reversal.
- A magenta arrow suggests a possible bearish trend reversal.
The indicator offers customization options to users, allowing them to adjust settings such as the ATR period and arrow colors according to their preferences.
To gain confidence in the Karacatica Scalper indicator, it is highly recommended to thoroughly test it on a demo account before using it with real funds.
Here are two valuable tips for scalpers:
- Minimize trading costs by applying the Karacatica indicator on currency pairs with lower spreads.
- Concentrate on trading during the most volatile hours, as higher volatility often presents more frequent trading opportunities.
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The image below shows how the Karacatica Scalper looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Karacatica Scalper Indicator?
Find a simple trading example below:
- The green colored Karacatica arrow is a buy signal.
- Open a buy market order and add a stop loss below short-term support.
- Exit the buy trade for a potential 10-25 pips target, or hold the position and wait for the magenta colored arrow.
- The magenta colored Karacatica arrow is a sell signal.
- Open a short market order and add a stop loss above short-term resistance.
- Exit the sell trade for a potential 10-25 pips target, or hold the position and wait for the green colored arrow.
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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 karacatica.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