The ASC Trend Metatrader 5 forex indicator has the ability to spot bullish and bearish market trends and is quite popular for scalping and day trading currency pairs.
How it works
A blue dot positioned below the price bar represents a buy signal.
A magenta dot positioned above the price bar represents a sell signal.
How to trade
In order to get the most out of the ASC Trend indicator, use it in agreement with a longer period trend following indicator.
For instance, use in agreement with a 150 period simple moving average or 100 period exponential moving average.
Trade ASC MT5 signals in the direction of the overall trend.
Price bars aligned above the longer period trend following indicator indicate the overall trend is bullish.
In this case, trade the blue ASC dots and ignore the magenta dots.
Conversely, price bars aligned below the longer period trend following indicator indicate the overall trend is bearish.
In this case, trade the magenta ASC dots and ignore the blue dots.
The EUR/USD H1 chart below displays the ASCtrend Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the blue signal dot of the ASCtrend Metatrader 5 forex indicator gets aligned below the candlesticks.
Sell Signal: Go short when the magenta signal dot of the ASCtrend Metatrader 5 forex indicator gets aligned above the candlesticks.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the indicator pops up a magenta signal dot.
Exit sell trade: Close all sell orders if while a bearish trend in running, the indicator pops up a blue signal dot.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (RISK), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the asctrend.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)