The Parabolic Forex Signal indicator for Metatrader 5 delivers solid buy & sell signals based on Parabolic SAR and a moving average.
The trend indicator appears as blue and magenta colored clouds in the price chart.
How does it work?
- A blue colored Parabolic cloud signals a buy trend.
- A magenta colored Parabolic cloud signals a sell trend.
The indicator allows customizing the following settings and parameters: MA period, MA type, MA price.
The Parabolic Forex Signal indicator can be easily combined with other technical indicators, however, it should perform well as a standalone trading tool.
Make yourself familiar with the Parabolic trend cloud indicator and test it first on a demo account before using it in a real trading account.
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The following chart shows how the Parabolic Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Parabolic Forex Signal Indicator?
Find a simple trading example below:
- A buy signal is confirmed when the blue colored Parabolic cloud gets displayed in the chart (see chart example).
- Open a long trade and add a stop order below the blue colored Parabolic cloud.
- Exit the buy trade for a risk to reward ratio of at least 1.5, or wait for a trend reversal signal.
- A sell signal is confirmed when the magenta colored Parabolic cloud gets displayed in the chart (see chart example).
- Open a short trade and place a stop order above the magenta colored Parabolic cloud.
- Exit the sell trade for a risk to reward ratio of at least 1.5, or wait for a trend reversal signal.
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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 ParabolicUsMoving.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