The Silver Trend Signal indicator in Metatrader 5 generates intelligent trend reversal signals several times per day for any currency pair.
The indicator displays signal arrows on the price chart, with green arrows representing bullish trend reversals and red arrows indicating bearish trend reversals.
To trade using this indicator, follow these guidelines:
- A green colored arrow indicates a bullish trend reversal signal.
- A red colored arrow suggests a bearish trend reversal signal.
You have the option to customize certain inputs and indicator variables, such as adjusting the risk level and the number of alerts.
It is crucial to fully understand how the Silver Trend Signal indicator operates and thoroughly test it on a demo account before applying it to real trading.
For optimal trading results, it is advisable to use the indicator on the narrow spread currency pairs and during periods of high market volatility.
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The picture below shows how the Silver Trend Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Silver Trend Signal Indicator?
Find a simple trading example below:
- A buy signal is triggered when the green colored arrow gets shown on the chart.
- Initiate a buy market order and set your stop loss below immediate support.
- Exit the buy position when the red colored arrow gets displayed on the chart.
- A sell signal is triggered when the red colored arrow gets shown on the chart.
- Initiate a sell market order and place your stop loss above immediate resistance.
- Exit the sell position when the green colored arrow gets displayed on the chart.
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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_signal.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