The Bounce Zone Forex indicator for Metatrader 5 is an advanced trading tool that identifies the best support and resistance bounce zones in any time frame.
The indicator draws the bounce zones in the main price chart as green and red colored rectangles.
- A red colored rectangle represents the resistance bounce zone.
- A green colored rectangle represents the support bounce zone.
How to trade with the indicator?
- A possible buying opportunity arises when the price reaches the green support bounce zone.
- A possible selling opportunity arises when the price reaches the red resistance bounce zone.
The indicator includes several inputs and parameters, such as the number of bars to look back, price levels, and more.
Becoming familiar with this technical indicator and thoroughly testing it on a demo account for an extended period is advisable.
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Bounce Zone MT5.ex5 Indicator (MT5)
Chart Example
The picture below illustrates how the Bounce Zone indicator looks when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Using The Bounce Zone Indicator?
Find a simple trading strategy below:
Buy Signal
- A buy signal is generated when the candle touches the green-colored support bounce zone.
- Open a buy trade and place a stop loss below the previous swing low.
- Close the buy trade when the candle touches the red-colored resistance bounce zone.
Sell Signal
- A sell signal is generated when the candle touches the red-colored resistance bounce zone.
- Open a sell trade and place a stop loss above the previous swing high.
- Close the sell trade when the candle touches the green-colored support bounce zone.
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Bounce Zone MT5.ex5 Indicator (MT5)
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 Bounce Zone MT5.ex5 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 on the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on the properties
- Now you can edit the inputs, colors, levels, scale, and visualization
- Finally, click the OK button to save the new configuration