The Spearman Rank Floating Signal indicator for Metatrader 5 is an oscillator that forecasts trends with great precision under most market conditions.
It can be combined with any trading strategy for additional trend confirmation, or as a standalone signal tool.
The indicator gets displayed in a separate chart as green & red colored lines that provide the actual entry signals.
How does it work?
- A green colored thick Spearman Rank line forecasts an uptrend.
- A red colored thick Spearman Rank line forecasts a downtrend.
The indicator contains the following inputs and parameters: spearman rank, price, floating levels period, up level % (80.0), down level % (20.0).
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The following chart shows how the Spearman Rank Floating Signal Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Spearman Rank Floating Signal Indicator?
Find a simple trading example below:
- The thick green colored signal line is a buy trade signal.
- Enter a long trade and place your stop loss order below the most recent support level.
- Exit the buy trade near prior resistance or for a fixed profit target of your preference.
- The thick red colored signal line is a sell trade signal.
- Enter a short trade and place your stop loss order above the most recent resistance level.
- Exit the sell trade near prior support or for a fixed profit target of your preference.
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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 Spearman rank fl.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