The Price Cycle Metatrader 5 custom indicator is an oscillator that is abbreviated as PC.
This MT5 indicator is used by traders to define market cycles in the short and long term.
A market cycle is defined by series of repeated patterns and the PC MT5 indicator does well in spotting such patterns.
There are four input parameters that are deployed within the PC MT5 indicator:
Period – Input variable that defines the calculation period;
Method – Input variable that defines the calculation method;
Overbought – Input variable that defines overbought region;
Oversold – Input variable that defines oversold region.
The Price Cycle Metatrader 5 indicator is expressed using the following formula:
PC = MA(Close-Low) / ATR
When the indicator line moves beyond the 1-Day overbought/oversold region and the price gets close to the extreme monthly ranges, we can consider it is time to sell/buy respectively.
If the red line of the Price Cycle MT5 indicator breaks above the 50.00 level, price is said to be taken higher, as such a trigger to go bullish.
If the red PC MT5 line pushes above the 70 mark, it is a signal of a looming overbought condition, hence a possible bearish reversal is underway.
If the red line of the Price Cycle Metatrader 5 forex indicator dip below the 50.00 level, it is indicative of downward price pressures i.e. a bearish signal.
If the PC MT5 line is driven further below the 30.00 level, price is said to be over sold, and traders should be getting ready to exit their open short orders or enter long positions on this premise.
The PC MT5 indicator shouldn’t be traded alone, but in a combination with other technical tools to get the very best off one’s trading strategy.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Period, Method, Overbought, Oversold), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the PC.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)