The Wave Segregation Index Forex Signal (WSI) indicator for Metatrader 5 delivers fantastic trading signals and it’s based on CCI and ADX.
This indicator is super easy to use and gets displayed as a buy/sell trend histogram in a bottom chart window.
For scalpers, the indicator tends to deliver the best results during the most volatile trading sessions.
How to interpret the WSI indicator?
- Green colored histogram bars indicate a bullish trend.
- Red colored histogram bars indicate a bearish trend.
The following indicator inputs and parameters can be modified: CCI period (100), ADX period (100), style, colors.
The indicator works for any trading instrument (Forex, Stocks, Indices, Metals, etc.) that can be loaded in the Metatrader 5 platform.
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 Wave Segregation Index Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The WSI Forex Signal Indicator?
Find a simple trading example below:
- The first green histogram bar is your buy trade entry signal (see chart above).
- Open a buy trade and place your stop loss 5 pips below the previous swing low price.
- Close the buy trade for a reward to risk ratio of at least 1.5, or wait for the red trend reversal bar.
- The first red histogram bar is your sell trade entry signal.
- Open a sell trade and place your stop loss 5 pips above the previous swing high price.
- Close the sell trade for a reward to risk ratio of at least 1.5, or wait the green trend reversal bar.
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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 WSI.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