The Pip Hunter indicator for Metatrader 5 is a popular tool among Forex traders that provides 100% non-repaint trading signals.
When applied to the price chart, the indicator presents a series of signal arrows in two distinct colors: blue and magenta.
How does it work?
- The blue colored arrow signals a buy trend.
- The magenta colored arrow signals a sell trend.
Users have the flexibility to customize various settings and parameters, including the number of candlesticks for price change, colors and style.
It is highly recommended to thoroughly test the Pip Hunter indicator on a demo account before implementing it in live trading.
Pip Hunter should work equally well for any currency pair and time frame supported by the MT5 charting platform.
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The picture below shows how the Pip Hunter indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Utilizing The Pip Hunter Indicator?
Find a simple trading example below:
- The blue colored arrow generates a buy signal (see chart example above).
- Execute a buy market order and set a protective stop loss below short-term support.
- Exit the buy position for a risk to reward ratio of at least 1.5, or hold the trade and wait for a sell signal.
- The magenta colored arrow generates a sell signal.
- Execute a sell market order and set a protective stop loss above short-term resistance.
- Exit the sell position for a risk to reward ratio of at least 1.5, or hold the trade and wait for a buy 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 highslowssignal.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