The Simple Decycler indicator for Metatrader 5 draws a channel that can be used as a low risk buy on dips and sell on rallies trading system.
It can generate multiple trade entries when deployed on the lower time frames.
The indicator gets displayed as a trading channel indicator composed of three colored lines.
- The red line acts as resistance and the green line as support.
- The middle blue line is used for trade entry.
The following indicator inputs and parameters can be modified: HP period, applied price, colors.
For scalping and intraday traders: the indicator tends to produce the best results during the London and American trading sessions on the M5 and M15 charts.
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 Simple Decycler Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Simple Decycler Indicator?
Find a simple trading example below:
- A buy signal occurs when the candle touches the middle line from above and the channel is sloping upward.
- Open a buy trade and place you initial stop loss slightly below the lower green channel line.
- Close the buy trade as soon as the candle touches the upper red channel line (resistance).
- A sell signal occurs when the candle touches the middle line from below and the channel is sloping downward (see chart example above).
- Open a sell trade and place you initial stop loss slightly above the upper red channel line.
- Close the sell trade as soon as the candle touches the lower green channel line (support).
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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 Simple_Decycler.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