The Trade Entry Forex Levels indicator for Metatrader 5 provides auto-calculated trade entry levels and take profit for both long and short trades.
The indicator gets loaded in the main price chart displaying horizontal and vertical lines.
Interpret this trading tool as follows:
- The entry levels are provides by the yellow colored dashed lines.
- The solid green colored horizontal lines show possible take profit levels.
- The red solid vertical lines indicate the best trading hours of the day.
The indicator allows customizing the following variables and values: colors, line style, etc.
Before utilizing the Trade Entry Forex Levels indicator on a live trading account, it is advisable to first gain experience by practicing with it on a demo account.
Keep in mind that its trading performance may fluctuate based on market conditions, so it’s crucial to maintain realistic expectations.
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The picture below illustrates how the Trade Entry Forex Levels indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Trade Entry Forex Levels Indicator?
Find a simple trading strategy below:
- A buy signal is triggered when the candle trades between the two upper yellow colored dashed lines.
- Initiate a buy transaction and place a stop loss below the green solid lines.
- Exit the buy trade when the candle reaches the two green solid lines, positioned above the entry price.
- A sell signal is triggered when the candle trades between the two lower yellow colored dashed lines (see chart trade example above).
- Initiate a sell transaction and place a stop loss above the green solid lines.
- Exit the sell trade when the candle reaches the two green solid lines, positioned below the entry price.
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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 doc_lines.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