The Mastermind Forex signal indicator for Metatrader 5 is a powerful tool that provides accurate buy and sell signals suitable for all currency traders.
Once applied to the price chart, this indicator presents a signal line in two distinct colors, indicating buy and sell opportunities.
Here’s how the simple trade logic works:
- A blue colored line provides a buy trade opportunity.
- A magenta colored line generates a sell trade opportunity.
To suit your preferences, you have the option to customize the indicator by adjusting the following inputs and parameters: period, up color, down color, and line width.
Before trading with real money, it is advisable to familiarize yourself with this technical indicator and conduct a thorough test on a demo account.
Here are some useful tips specifically tailored for scalpers and day traders who utilize this indicator:
- For reduced trading costs, consider using the Mastermind indicator on currency pairs with narrower spreads.
- Short-term traders will find more frequent trading opportunities during the London and New York trading sessions.
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The following image shows how the Mastermind Forex signal indicator looks like when applied to the MT5 charting platform.
How To Buy And Sell Pairs Utilizing The Mastermind Forex Signal Indicator?
Find a simple trading example below:
- A buy signal is triggered when the blue colored Mastermind line gets displayed on the chart.
- Execute a buy trade and set a stop loss order below the most recent support level.
- Close and reverse the buy trade when the magenta colored Mastermind line shows up in the chart.
- Alternatively, exit the buy position and take profits at a predefined target that aligns with your personal preference.
- A sell signal is triggered when the magenta colored Mastermind line gets displayed on the chart.
- Open a sell trade and add a stop loss above the most recent resistance level.
- Exit and reverse the sell trade when the blue colored Mastermind line shows up in the chart.
- Alternatively, close the sell position and take profits at a predefined target that aligns with your personal preference.
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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 Rj_RMA.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