The Tarzan indicator for Metatrader 5 is a popular oscillator arrow tool that delivers rapid trading signals for scalpers and day traders.
The indicator appears in a bottom chart window as a floating channel oscillator and buy and sell signal alert arrows.
How to use the Tarzan indicator:
- A blue colored signal arrow is a buy signal.
- A red colored signal arrow is a sell signal.
It’s important to trade with the Tarzan indicator in the overall direction of the trend.
Avoid trading against the overall trend.
The following indicator inputs and parameters can be modified: RSI period, RSI applied price, MA period, MA method, channel top size, channel bottom size.
Scalpers and day traders will benefit the most from this indicator when used during the most volatile trading sessions (London, New York).
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
It supports all time frames and Forex pairs.
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The following chart shows how the Tarzan indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Tarzan Forex Scalper?
Find a simple trading example below:
- A buy signal is given when the blue Tarzan arrow appears in the chart and the overall trend is upward.
- Open a buy trade and place a stop loss order below short-term support.
- Exit the buy trade for a 5-12 pips profit target.
- A sell signal is given when the red Tarzan arrow appears in the chart and the overall trend is downward.
- Open a sell trade and place a stop loss order above short-term resistance.
- Exit the sell trade for a 5-12 pips profit target.
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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 Tarzan.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