The Ulcer Index (UI) for Metatrader 5 is an advanced technical indicator that displays downside risk for any Forex pair.
It shows up in a separate chart window as an orange colored line and you should interpret it as follows:
- A high Ulcer Index value indicates high downside risk and high volatility.
- A low Ulcer Index value indicates low downside risk and low volatility.
It’s worth noting that the indicator does not predict future price movements.
It should be combined with other technical indicators or any trading strategy of your preference.
Make yourself familiar with this technical indicator and test it first on a demo account until you fully understand how it works.
It supports all time frames and Forex pairs.
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The following chart shows how the Ulcer Index indicator looks like when applied to the MT5 chart.
How To Buy And Sell FX Pairs With The Ulcer Index Indicator?
It should be used in conjunction with other technical analysis tools that can deliver buy and sell trading signals.
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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 UlcerIndex.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