The Strength Index Signal v1.0 Forex indicator for Metatrader 5 is an exceptional trading tool that generates profitable buy and sell trend reversal signals.
It combines strength accumulation and the ATR indicator to provide top-notch signals for trend reversal trading.
This indicator offers user-friendly buy and sell signals, making it effortless to identify trend reversal trades.
The following guidelines will help you spot these trades:
- A blue colored arrow signifies a bullish trend reversal.
- A red colored arrow indicates a bearish trend reversal.
You have the flexibility to customize various indicator inputs and parameters, such as the strength accumulation period, delta, ATR period, ATR delta, and more.
For currency traders focusing on the 1-minute and 5-minute charts, here’s a valuable tip:
Enhance your trading results by utilizing the Strength Index Signal v1.0 indicator during the London and New York trading sessions.
Trade the lower spread currency pairs.
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Strength Index Signal v1.0.mq5 Indicator (MT5)
Chart Example AUDUSD H1
The following image shows what the Strength Index Signal v1.0 indicator looks like when applied to the Metatrader 5 charting platform.
How to Buy and Sell Forex With The Strength Index Signal v1.0 Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the blue signal arrow is printed on the chart.
- Open a buy market order and place your protective stop below support.
- Exit the buy trade when the red colored sell arrow appears on the chart.
- Alternatively, exit the buy trade for a fixed profit target of your preference.
Sell Signal
- A sell signal is given when the red signal arrow is printed on the chart.
- Open a sell market order and place your protective stop above resistance.
- Exit the sell trade when the blue colored buy arrow appears on the chart.
- Alternatively, exit the sell trade for a fixed profit target of your preference.
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Strength Index Signal v1.0.mq5 Indicator (MT5)
MT5 Trading Strategy Using Strength Index Signal v1.0 and Double Inside Bars Indicator
Overview
This strategy combines the trend-detection power of the Strength Index Signal v1.0 with the price-action precision of the Double Inside Bars Indicator.
The goal is to identify strong directional moves with high-probability entries after consolidation breakouts.
Timeframe
Best used on the 1-hour (H1) and 4-hour (H4) charts for an optimal balance of signal reliability and reduced noise.
Indicators Used
- Strength Index Signal v1.0 – identifies overall market bias (bullish or bearish).
- Double Inside Bars Indicator – detects tight consolidation areas for breakout trading.
Buy Entry Rules
- The Strength Index Signal shows a bullish bias.
- A double inside bar pattern forms.
- Place a buy-stop order 2–3 pips above the high of the mother bar (the candle before the two inside bars).
- Set the stop-loss below the low of the mother bar.
- Aim for at least a 1:2 risk-to-reward ratio, or trail your stop as price moves in your favor.
Sell Entry Rules
- The Strength Index Signal shows a bearish bias.
- A double inside bar pattern forms.
- Place a sell-stop order 2–3 pips below the low of the mother bar.
- Set the stop-loss above the high of the mother bar.
- Target a minimum 1:2 risk-to-reward ratio, or use a trailing stop technique.
Tips for Best Results
- Trade during high-liquidity sessions (London or New York).
- Avoid entering just before major economic news releases.
- Confirm the Strength Index Signal direction before taking any inside-bar breakout.
Conclusion
By merging reliable trend confirmation with precise breakout entries, this strategy helps traders exploit momentum that emerges after periods of market consolidation.
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 Strength Index Signal v1.0.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!
