The Simple Trend Bar with Signal Forex indicator designed for Metatrader 5 is an effective and versatile trend trading tool suitable for scalpers, day traders, and swing traders.
Once applied to the trading chart, this indicator displays a trend bar in two distinct colors, signaling potential buy and sell opportunities.
Here’s how the straightforward trading logic operates:
- A green colored trend bar provides a buy trade opportunity.
- A red colored trend bar generates a sell trade opportunity.
To cater to your preferences, you have the flexibility to customize the indicator by adjusting inputs and parameters such as the period and trend bar colors.
Before engaging in live trading, it is recommended to become familiar with this technical indicator and thoroughly test it on a demo account.
Below are some helpful tips specifically tailored for scalpers and day traders utilizing this indicator:
- For reduced trading costs, consider using the simple Trend Bar indicator on currency pairs with narrower spreads.
- Short-term traders will find more frequent trading opportunities during the London and New York trading sessions.
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The following image shows how the simple Trend Bar indicator looks like when applied to the MT5 charting platform.
How To Buy And Sell Pairs Utilizing The Simple Trend Bar Forex Indicator?
Find a simple trading example below:
- A buy signal is triggered when the green colored trend bar shows up in the separated chart window.
- Execute a buy trade and set a stop loss order below the most recent support level.
- Exit the buy trade for a pips profit target of your preference, for example +50 pips on the 1-hour chart.
- Optional: await a red colored trend bar prior to closing the buy trade.
- A sell signal is triggered when the red colored trend bar shows up in the separated chart window.
- Execute a sell trade and set a stop loss order above the most recent resistance level.
- Exit the sell trade for a pips profit target of your preference, for example +20 pips on the 5-minute chart.
- Optional: await a green colored trend bar prior to closing the sell trade.
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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 simplebars_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