The Entropy indicator is designed for MT5 and delivers accurate trade entry signals and exit signals for any currency pair and time frame.
The indicator gets displayed in a separate chart window as an oscillator that provides bullish and bearish market sentiment.
How does it work?
- Signals are formed when the zero line is crossed.
- A bullish market sentiment occurs when the Entropy indicator crosses back above 0.
- A bearish market sentiment occurs when the Entropy indicator crosses back below 0.
The following indicator inputs and variables can be modified: entropy period, colors, style.
Tip: combine the indicator with other technical analysis tools to increase the probability of successful Forex trades.
Familiarize yourself with the Entropy indicator and conduct thorough testing on a demo account before trading live with it.
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The picture below shows how the Entropy Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Entropy Indicator?
Find a simple trading example below:
- A buy signal is confirmed when the Entropy indicator crosses back above 0 from below.
- Open a buy trade and place a stop loss 3 pips below short-term support.
- Close the buy trade for a fixed pips profit target, for example, +18 pips on the M5 chart.
- Optional: hold the buy trade until a sell signal appears on the chart.
- A sell signal is confirmed when the Entropy indicator crosses back below 0 from above.
- Open a sell trade and place a stop loss 3 pips above short-term resistance.
- Close the sell trade for a fixed pips profit target, for example, +30 pips on the M30 chart.
- Optional: hold the sell trade until a buy signal appears on the chart.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the entropy.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration