The Bykov Trend Alert Metatrader 5 forex indicator is a semaphore signal indicator, which features alerts, push notifications and sending emails to mobile devices.
In addition, the indicator can spot newly born trends with the use of its colored arrows that are on display once the indicator gets added to the activity chart.
The buy/sell signals from the Bykow indicator are based on the Williams’ Percent Range (WPR) technical indicator.
In line with the core idea behind the WPR, the indicator pops up a lime upward pointing arrow when it believes the market is being oversold, and plots a magenta downward pointing arrow when it gauges the market as being overbought.
The EUR/CAD H4 chart below displays the Bykov Trend Alert Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the lime upward pointing arrow of the Bykov Trend Alert Metatrader 5 forex indicator gets aligned below the candlesticks.
Sell Signal: Go short when the magenta downward pointing arrow of the Bykov Trend Alert Metatrader 5 forex indicator gets aligned above the candlesticks.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a downward pointing magenta arrow pops up on the price chart.
Exit sell trade: Close all sell orders if while a bearish trend is running, an upward pointing lime arrow pops up on the activity chart.
Tips: An interesting phenomenon of the Bykov Trend Alert indicator is its super ability to anticipate new trends in the underlying financial asset’s price.
Works for scalping, day trading and swing trading currencies.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (RISK, SSP), 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 BykovTrendAlert.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)