As the name suggests, the Fantastic Forex Signal indicator for Metatrader 5 delivers true winning signals that work for out of the box for any currency trader.
The indicator detects high-probability trend reversals and also offers supplementary signals once the buying or selling trend has been confirmed.
The Fantastic Forex Signal indicator can be utilized by scalpers, day traders and swing traders.
- A blue colored square arrow indicates a bullish trend reversal.
- A red colored square arrow indicates a bearish trend reversal.
- A blue colored arrow provides an additional buy signal alert.
- A red colored arrow provides an additional sell signal alert.
The indicator contains the following inputs and parameters: indicator period, price constant, and calculated bars (300).
Worth noting: take the time to become familiar with it and conduct thorough testing on a demo account.
This will enable you to gain a complete understanding of its functionality.
The indicator’s performance can vary greatly depending on the specific market conditions, including trending markets, sideways markets, and others.
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The chart below illustrates how the Fantastic Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Fantastic Forex Signal Indicator?
Find a simple trading strategy below:
- The blue colored square arrow triggers a buy signal.
- Open a buy market order and place a stop loss below technical support.
- Exit the buy trade for a predetermined pips target of your preference.
- Optional: hold the buy trade and wait for the red colored square arrow.
- The red colored square arrow triggers a sell signal.
- Open a sell market order and place a stop loss above technical resistance.
- Exit the sell trade for a predetermined pips target of your preference.
- Optional: hold the sell trade and wait for the blue colored square arrow.
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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 discipline.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