The Market Sentiment Forex indicator for Metatrader 5 issues trading signals based on the number of bulls versus bears in the market at any given moment.
How to read the Market Sentiment indicator properly?
- A buy signal occurs when the indicator shows LONG.
- A sell signal occurs when the indicator shows SHORT.
- Wait for new signals when the indicator shows NEUTRAL.
The following indicator inputs and parameters can be modified: symbol, time offset, position, horizontal and vertical offset, update interval time, and style.
The indicator works for any trading instrument (Forex, Stocks, Indices, Metals, etc.) that can be loaded into the Metatrader 5 platform.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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Market Sentiment Indicator.mq5 Indicator (MT5)
Chart Example
The following chart shows how the Market Sentiment indicator looks when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Market Sentiment Forex Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the indicator displays the LONG recommendation.
- Open a long trade and place your stop loss slightly below technical support.
- Close the buy trade for a reward to risk ratio of at least 1.2, or exit the trade for a fixed profit target.
Sell Signal
- A sell signal is given when the indicator displays the SHORT recommendation (see chart above).
- Open a short trade and place your stop loss slightly above technical resistance.
- Close the buy trade for a reward to risk ratio of at least 1.2, or exit the trade for a fixed profit target.
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Market Sentiment Indicator.mq5 Indicator (MT5)
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 Market Sentiment 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