The TMS Forex Arrows indicator for Metatrader 5 issues buy and sell signals based on market volatility and RSI overbought and oversold levels.
The non-repaint trading signals appear on the activity chart as easy to follow green and red colored arrows.
Buy and sell trends with TMS:
- The green colored TMS arrow signals the beginning of a buy trend.
- The red colored TMS arrow signals the beginning of a sell trend.
The indicator has the following inputs and parameters: TDI RSI period, applied price, volatility band period, smoothing period, signal smoothing period, point anchor.
Tip: 1-minute and 5-minute chart traders should be focusing on the London and New York trading sessions for best results.
Make yourself familiar with this technical 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 TMS Forex Arrows indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The TMS Forex Arrows Indicator?
Find a simple trading example below:
- A green colored TMS arrow is a buy trade entry (see chart above).
- Execute a buy order and place your stop loss slightly below the most recent support area.
- Exit the buy trade for a fixed profit target or wait for a red sell TMS arrow.
- A red colored TMS arrow is a sell trade entry.
- Execute a sell order and place your stop loss slightly above the most recent resistance area.
- Exit the sell trade for a fixed profit target or wait for a green buy TMS arrow.
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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 TMS_Arrows.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