The Stop Loss Factor Forex Indicator for Metatrader 5 draws a stop loss line on the chart for both buy and sell trades and works well for scalpers.
The Stop Loss Factor indicator is based on the Average True indicator and a moving average.
The indicator appears in the main trading chart as two red colored lines that appear above and below the candlesticks.
- For buy signals, place a stop loss below the lower red stop loss line.
- For sell signals, place a stop loss above the upper red stop loss line.
The following inputs can be edited: ATR period, ATR factor, MA period and MA method.
Make yourself familiar with this indicator and test it first on a demo account. It supports all time frames and Forex pairs.
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The following chart shows how the Stop Loss Factor indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Stop Loss Factor Indicator?
The indicator only provides the suggested stop loss levels, use a scalper strategy or system to find optimal entry and exit points.
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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 stoploss_factor.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