The Brain Trend 2Sig Alert Metatrader 5 forex indicator is a semaphore buy/sell dot signal indicator.
It spots market trends using assigned colors that are aligned relative to the candlesticks according to the bullish or bearish trend direction.
A downward market trend is spotted when a red signal dot pops up above the candlesticks, while an upward market trend is denoted by a blue signal dot placed below the candlesticks.
The algorithm that defines the indicator is based on the Average True Range (ATR) and Stochastic Oscillator indicators.
The indicator perfectly combines the ATR’s volatility gauging features, along with the Stochastics’ trend/market saturation defining abilities.
The resultant is the Brain Trend 2Sig Alert indicator, which captures the market adequately enough for forex traders to trust its signals.
The EUR/GBP H1 chart below displays the Brain Trend 2Sig Alert Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the blue signal dot of the Brain Trend 2Sig Alert Metatrader 5 forex indicator pops up slightly below the candlesticks.
Sell Signal: Go short when the red signal dot of the Brain Trend 2Sig Alert Metatrader 5 forex indicator pops up somewhat above the candlesticks.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the red signal dot of the Brain Trend 2Sig Alert indicator gets positioned above the price bars.
Exit sell trade: Close all sell orders if while a bearish trend is running, the blue signal dot of the Brain Trend 2Sig Alert indicator pops up below the candlesticks.
Tips: The principle of forecasting market direction is always a make or mar for any forex trader, but the Brain Trend 2Sig Alert indicator minimizes such concerns using simple principles ingrained within this indicator.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (ATR_Period), 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 braintrend2sig.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)