The extreme Line Forex Signal indicator for Metatrader 5 generates buy and sell signal lines on the chart based on a proprietary trading strategy.
The indicator tracks the bullish/bearish market state and generates relatively few false signals.
How does it work?
- A green colored signal line suggests an uptrend.
- A red colored signal line indicates a downtrend.
- The indicator alternates between buy and sell recommendations.
For short-term traders (M1/M5): deploy the Extreme Line Forex Signal indicator during the London and New York trading sessions for best results.
The indicator contains the following inputs and parameters: line up color, line down color, period.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended time.
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The following picture shows what the extreme Line Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs Utilizing The Extreme Line Signal MT5 Indicator?
Find a simple trading example below:
- A buy signal is given when the green colored extreme line gets displayed on the chart.
- Open a buy market orders and set a protective stop loss below the previous swing low area.
- Exit the buy trade for a potential reward to risk ratio of 1.5.
- Optional: hold the buy trade until the red sell signal line gets displayed on the chart.
- A sell signal is given when the red colored extreme line gets displayed on the chart.
- Open a sell market orders and set a protective stop loss above the previous swing high region.
- Exit the sell trade for a potential reward to risk ratio of 1.5.
- Optional: hold the sell trade until the green buy signal line gets displayed 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 extremline.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