The Buy Sell Signal Dots Metatrader 5 forex indicator is a technical tool that points market entry levels using colored signal dots.
At the same time, the location of such signal dots by the Buy Sell Signal Dots MT5 forex indicator can suggest possible interesting price levels for placing a protective stop loss or a fresh trailing stop loss.
The lime signal dot represents buy signals while the magenta signal dot represents sell signals.
The LeManSignal MT5 custom forex indicator prides just a single variable within its inputs parameter:
Indicator period – defines the calculation period.
The EUR/USD H1 chart below displays the Buy Sell Signal Dots Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the lime signal dot of the Lemansignal Metatrader 5 custom forex indicator pops up on the activity chart.
Sell Signal: Go short when the magenta signal dot of the Lemansignal Metatrader 5 custom forex indicator pops up on the activity chart.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the magenta signal dot of the indicator pops up on the activity chart.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the lime signal dot of the indicator pops up on the activity chart.
Tips: Combining this MT5 forex indicator with oscillators and volume technical tools will yield a fine blend of trading strategies that are fit for all trading styles including scalping, day trading and swing trading.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Indicator 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 lemansignal.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)