The Silver Trend indicator for Metatrader 5 is a Forex scalper that forecasts short-term price movements for any currency pair.
The indicator works great if you are looking to take advantage of rapid price movements that frequently occur in the Forex market.
How to trade with Silver Trend?
- A green colored Silver Trend candle represents a bullish trend.
- A red colored Silver Trend candle represents a bearish trend.
The following indicator inputs and parameters can be modified: SSP, period, colors, style.
The London and New York trading sessions work the best for this scalper indicator and it will deliver multiple trade entry signals on a daily basis..
It works for Forex, Stocks, Indices, Gold, Bitcoin, etc.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
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The following chart shows how the Silver Trend scalper indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Silver Trend Forex Scalper Indicator?
Find a simple trading example below:
- The first green colored candle is a buy signal.
- Initiate a long trade and set a protective stop loss below immediate support.
- Exit the buy trade for 6-15 pips profit.
- The first red colored candle is a sell signal (see chart above).
- Initiate a short trade and set a protective stop loss above immediate resistance.
- Exit the sell trade for 6-15 pips profit.
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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 SilverTrend.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