The Price Position Buy/Sell Forex indicator for Metatrader 5 is designed to present reliable buy and sell trading signals on the price chart, utilizing a proprietary trading method.
This indicator is particularly suitable for beginners as it does not require any prior trading experience.
How does it determine bullish and bearish market sentiment?
- A bullish market sentiment occurs when a buy arrow is displayed on the chart.
- A bearish market sentiment occurs when a sell arrow is generated on the chart.
You have the freedom to customize various inputs and parameters of the indicator, including corner position, alerts, and colors, to align with your personal preferences.
This indicator is compatible with all trading instruments available on the MT5 charting platform.
Consider the following scalping tips when using the Price Position Buy/Sell indicator:
- To minimize trading costs, apply the Price Position Buy/Sell indicator to currency pairs with lower spreads.
- Focus your trading activities during the London and New York trading sessions.
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The picture below illustrates the visual appearance of the Price Position Buy/Sell indicator when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Price Position Buy/Sell Forex Indicator?
Find a simple trading strategy below:
- A buy signal is triggered when the aqua colored buy arrow gets displayed in the chart.
- Execute a buy trade and set a protective stop loss below the most recent swing low.
- Exit the buy trade for a minimal risk to reward ratio of 1.5, or await a sell signal arrow.
- A sell signal is triggered when the orange colored sell arrow gets displayed in the chart.
- Execute a sell trade and set a protective stop loss above the most recent swing high.
- Exit the sell trade for a minimal risk to reward ratio of 1.5, or await a buy signal arrow.
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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 PricePosition.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
- To access the indicator list, simply open the dropdown menu and select it
- Click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration