The Forex Trend King indicator designed for Metatrader 5 represents a robust trading tool providing buy and sell trading signals for any currency pair.
The indicator gets loaded in a separate chart window as green and magenta colored histogram bars.
- Green colored bars appear when the +15 threshold level is reached or surpassed.
- Magenta colored bars appear when the -15 threshold level is reached or surpassed.
The indicator allows customizing the following settings and parameters: extreme finding period, overbought level, oversold level, colors, style of levels, width of levels, and shift bars.
Make yourself familiar with this technical tool and test it first on a demo account before applying it to a real trading account.
The Forex Trend King indicator is effective as a standalone buy/sell signal tool but it can be seamlessly combined with other technical indicators as well.
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The picture below shows how the Forex Trend King indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs Utilizing The Forex Trend King Indicator?
Find a simple trading example below:
- The appearance of the first green colored Forex Trend King histogram bar generates a buy signal.
- Initiate a buy market order and place a stop loss below the previous swing low zone.
- Exit and reverse the buy trade when the bearish magenta colored histogram bar is displayed on the chart.
- Optional: close the buy trade for a fixed profit target of your preference, for example, +20 pips on the M5 chart.
- The appearance of the first magenta colored Forex Trend King histogram bar generates a sell signal.
- Initiate a sell market order and place a stop loss above the previous swing high region.
- Exit and reverse the sell trade when the bullish green colored histogram bar is displayed on the chart.
- Optional: close the sell trade for a fixed profit target of your preference, for example, +12 pips on the M1 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 william36histogramwaller.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