The Step Chart indicator for Metatrader 5 delivers no-repaint trend trading signals based on step size in pips format.
The indicator gets displayed in the price chart as colored candles that appear above and below the actual candlesticks.
The signal line should work equally well across all available time frames.
How to use it?
- The green colored step candles generate a buy signal.
- The orange colored step candles generate a sell signal.
The following indicator inputs and parameters can be modified: step size (pips) price, colors, style.
The Step Chart indicator works for any trading instrument (Forex, Stocks, Indices, etc.) that can be loaded in the Metatrader 5 platform.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
Download Indicator 🆓
The following chart shows how the Step Chart indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Step Chart Forex Signal Indicator?
Find a simple trading example below:
- The first green colored Step Chart candle generates a buy signal.
- Open a buy trade and place your stop loss 3 pips below the previous swing low level.
- Exit the buy trade for a fixed take profit target or wait for the first orange colored Step candle.
- The first orange colored Step Chart candle generates a sell signal.
- Open a sell trade and place your stop loss 3 pips above the previous swing high level.
- Exit the sell trade for a fixed take profit target or wait for the first green colored Step candle.
Download Now 🆓
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 Step chart.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