The Prometheus Forex Signal indicator for Metatrader 5 delivers solid non-repainting trend reversal signals based on Bollinger Bands.
This indicator is newbie friendly and consists of a green and orange colored alternating signal line.
How to identify market sentiment with this tool?
- A bullish market sentiment occurs when the green colored Prometheus signal line gets displayed on the chart.
- A bearish market sentiment occurs when the orange colored Prometheus signal line gets displayed on the chart.
The indicator allows customizing the following settings and parameters: Bollinger Bands period, deviation, offset factor, display signals mode, line.
Make yourself familiar with the Prometheus indicator and test it first on a demo account before applying it to a live account.
Prometheus is effective as a standalone buy/sell signal tool but it can be seamlessly combined with other technical indicators as well.
Keep in mind that its trading performance may fluctuate based on market conditions, so it’s crucial to maintain realistic expectations.
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The picture below illustrates how the Prometheus Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Prometheus Forex Signal Indicator?
Find a simple trading strategy below:
- A buy signal is triggered when the green colored Prometheus dot appears in the chart (see chart example above).
- Initiate a buy transaction and place a stop below the most recent swing low.
- Trade exit method 1: close the buy trade for a risk to reward ratio of at least 1.5.
- Trade exit method 2: hold the buy trade and wait for a bearish trend reversal signal (orange colored dot).
- A sell signal is triggered when the orange colored Prometheus dot appears in the chart (see chart example above).
- Initiate a sell transaction and place a stop above the most recent swing high.
- Trade exit method 1: close the sell trade for a risk to reward ratio of at least 1.5.
- Trade exit method 2: hold the sell trade and wait for a bullish trend reversal signal (green colored dot).
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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 bbands_stop_v1.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