The Phoenix 5 indicator for Metatrader 5 is a powerful tool that can accurately detect trend reversals across various time frames.
By analyzing market data, it generates price reversal signals in the form of blue and magenta dots on the price chart.
How does the indicator generate trend reversal signals:
- The blue colored dots appear when Phoenix 5 spots a potential bullish trend reversal.
- The magenta colored dots gets displayed when Phoenix 5 spots a potential bearish trend reversal.
The following indicator inputs and parameters can be fully customized: SMA period, percent, envelope period, OsMA fast, OsMA slow, OSMA signal, fast price, etc.
One notable advantage of Phoenix 5 is its ability to function as a reliable standalone trend reversal indicator, eliminating the need for dependence on additional technical analysis tools.
Make yourself familiar with this technical indicator and thoroughly test and evaluate it until you fully understand how it works.
Phoenix 5 is compatible with all time frames and can be applied to any trading instrument supported by the Metatrader 5 charting platform.
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The image below shows how the Phoenix 5 indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Phoenix 5 Forex Indicator?
Find a simple trading example below:
- The blue colored Phoenix 5 dot generates a buy signal.
- Open a buy market order and place a stop loss order below immediate support.
- Exit the buy trade for a fixed profit target, or hold the trade and wait until the magenta colored dot appears on the chart.
- The magenta colored Phoenix 5 dot generates a sell signal.
- Open a sell market order and place a stop loss above immediate resistance.
- Exit the sell trade for a fixed profit target, or hold the trade and wait until the blue colored dot appears on the chart.
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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 phoenix5.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