The Hydra Forex Signal indicator designed for Metatrader 5 creates a cloud-based trading channel that alternates between buy and sell signals.
This indicator is highly effective in forecasting future currency trends across various time frames and currency pairs.
To interpret the Hydra Forex indicator, pay attention to the color of the cloud:
- A red colored Hydra cloud signals a buy market trend.
- A blue colored Hydra cloud signals a sell market trend.
It’s worth noting that the signals provided by the indicator are 100% non-repaint, ensuring their reliability.
You have the flexibility to customize several parameters and values of the indicator, including channel length, colors, and style.
The Hydra Forex Signal indicator can be used effectively on its own to generate buy and sell signals.
For those engaging in scalping and day trading, this tool proves particularly advantageous during the more volatile trading sessions in London and New York.
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The following picture shows how the Hydra Forex Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs Utilizing The Hydra Forex Signal Indicator?
Find a simple trading example below:
- The red colored Hydra cloud signals a buy trade.
- Execute a buy market order and set a protective stop below the lower red channel line.
- Exit the buy trade for a potential reward to risk ratio of 2.0.
- An alternative approach is to hold the buy trade until a sell signal appears on the chart.
- The blue colored Hydra cloud signals a sell trade.
- Execute a sell market order and set a protective stop above the upper blue channel line.
- Exit the sell trade for a potential reward to risk ratio of 2.0.
- An alternative approach is to 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 pctrend.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