The super Forecast Trend oscillator for MT5 is a valuable buy/sell technical tool that forecasts future currency prices with great precision.
The indicator shows up in a dedicated chart window as lime and magenta colored dots.
How to trade with it?
- A lime colored dot indicates a buy signal, suggesting to enter a long position.
- A magenta colored dot represents a sell signal, indicating to enter a short position.
The following indicator inputs and variables can be modified: period length, t3, b, price constant.
Please understand how the Super Forecast Trend oscillator functions and conduct extensive testing on a demo account before utilizing it in real trading.
Tip for scalpers: the oscillator tends to delivers the best trading results during the most volatile trading hours.
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The picture below shows how the super Forecast Trend oscillator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Super Forecast Trend oscillator?
Find a simple trading example below:
- A buy signal is confirmed when the lime colored dot gets printed on the chart.
- Initiate a buy transaction and set a stop order below support.
- Exit the buy trade for a fixed pips profit target, for example, +15 pips on the M5 chart.
- Optional: hold the buy trade until the first magenta colored dot appears on the chart.
- A sell signal is confirmed when the magenta colored dot gets printed on the chart.
- Initiate a sell transaction and set a stop order above resistance.
- Exit the sell trade for a fixed pips profit target, for example, +25 pips on the M15 chart.
- Optional: hold the sell trade until the first lime colored dot appears on the chart.
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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 forecastoscilator.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