The Phase Change Index indicator for Metatrader 5 is a great scalper tool that performs well on the M1 and M5 charts.
Naturally, it can be used on any time frame of your preference.
When trading off the M1 & M5 charts, we are looking to make 6- 20 pips profit per transaction.
The indicator appears in a separate chart window as blue and orange colored areas with a gray colored line in between.
How to identify the scalper trend with it?
- A blue colored indicator zone marks a bull trend (up direction).
- An orange colored indicator zone marks a bear trend (down direction).
For best performance, trade with this scalping indicator during the London and New York trading session.
The indicator contains the following inputs and parameters: period, smooth period, method, price, levels up, levels down.
Make yourself familiar with this technical indicator and test it first on a demo account.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The following chart shows how the Phase Change Index Scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Phase Change Index Scalper Indicator?
Find a simple trading example below:
- The blue colored indicator zone is a buy signal.
- Open a buy transaction and place your stop loss 3 pips below immediate support.
- Close the buy trade for 6- 20 pips profit per transaction, or wait for an opposite trading signal.
- The orange colored indicator zone is a sell signal.
- Open a sell transaction and place your stop loss 3 pips above immediate resistance.
- Close the sell trade for 6- 20 pips profit per transaction, or wait for an opposite trading 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 Phase change index.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