The Psychological Signals indicator for Metatrader 5 is a valuable oscillator that can be used for identifying trade entry levels and take profit levels.
The Psychological oscillator indicator appears in a separate chart window as a purple colored line that oscillates above and below the 50 level.
How does it work?
- A buy trend occurs when the Psychological oscillator turns back above 50.
- A sell trend occurs when the Psychological oscillator turns back below 50.
The indicator allows customizing the following settings and parameters: psychological period, overbought level, oversold level, applied price.
It works for any currency pair of your preference, including the majors, minors and exotics.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
Its overall performance will vary depending on market conditions, remember to have realistic expectations.
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The following chart shows how the Psychological oscillator indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Psychological Oscillator Indicator?
Find a simple trading example below:
- A buy signal is confirmed with the purple colored Psychological oscillator line crosses the 50 level bottom up.
- Initiate a long trade and set a protective stop loss below support.
- Exit the buy trade when the Psychological oscillator touches the 75 overbought level.
- A sell signal is confirmed with the purple colored Psychological oscillator line crosses the 50 level top down.
- Initiate a short trade and set a protective stop loss above resistance.
- Exit the sell trade when the Psychological oscillator touches the 25 oversold level.
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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 Psychological.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