The Dynamic Trend Buy/Sell Arrows Metatrader 5 forex indicator is a signal indicator that plots a line, along with corresponding signal arrow patterns on the activity chart.
It is simply a two-color trend directional line, which is combined with signal arrows.
It is advisable for traders to deploy confirmation signals i.e. support/resistance levels to filter the false Dynamic Trend indicator alerts.
There are two possible ways in which the Dynamic Trend indicator can be interpreted:
One is based on the position of the candlesticks is relation to the two-color trend directional line – buy when price trades above the line and sell when it is trading below the line.
The color of the arrows can also be used to forecast trend on the Dynamic Trend indicator.
The EUR/CAD H1 chart below displays the Dynamic Trend Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when price bar opens and closes above the blue trend direction line of the Dynamic Trend Metatrader 5 forex indicator.
Sell Signal: Go short when price bar opens and closes below the red trend directional line of the Dynamic Trend Metatrader 5 custom forex indicator.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the red downward pointing arrow of the Dynamic Trend indicator pops up somewhat above the candlesticks.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the blue upward pointing arrow of the Dynamic Trend indicator gets aligned slightly below the candlesticks.
Tips: The Dynamic Trend MT5 indicator allows you trade in a high volume fashion, thereby letting traders aim for quick turnovers.
This then makes it possible to enter and exit trades within the same day, good for scalpers and day traders.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Period, Percent), 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 Dynamic_Trend.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)