The BW Zone Trade Metatrader 5 forex indicator is borne out of Bill Williams idea, as proposed in his book “New Trading Dimensions: How to Profit from Chaos in Stocks, Bonds and Commodities”.
Furthermore, traders are able to see the “fourth dimension” of the market when using the BW Zone Trade forex indicator.
This is so because it colors the candlesticks with an array of colors i.e. green, gray and red based on the most recent market momentum (1st derivative).
The varied colors of the price bars also depends on price acceleration (2nd derivative), which is calculated using the Awesome Oscillator (AO) and Accelerator Oscillator (AC).
The EUR/USD H1 chart below displays the BW Zone Trade Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the candlesticks gets colored green by the BW Zone Trade Metatrader 5 custom forex indicator (and hold positions even when gray colored candlesticks pops up in-between).
Sell Signal: Go short when the candlesticks gets colored red by the BW Zone Trade Metatrader 5 custom forex indicator (and hold positions even when gray colored candlesticks pops up in-between).
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the candlestick gets colored red by the BW indicator.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the candlestick gets filled green by the BW indicator.
Tips: Forex traders are always looking out for information pertaining to market trends, and the BW Zone Trade forex indicator furnishes us with that vital data. Works for scalping, day trading and swing trading.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: 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 bw-zonetrade.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)