The S & R Forex Block indicator for Metatrader is a support and resistance trading system that delivers solid buy/sell trading signals.
When applied to the price chart, the indicator displays a sequence of yellow blocks.
To recognize strong bullish and bearish market trends, observe the pattern of S & R blocks:
- A series of upward-trending S & R blocks signifies a strong bullish market.
- A series of downward-trending S & R blocks indicates a robust bearish market.
You can customize various indicator inputs and parameters, such as the period, price, and colors, to align with your specific preferences.
The S & R Forex Block indicator is compatible with all trading instruments accessible on the MT5 charting platform.
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The picture below shows how the S & R Forex Block indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The S & R Forex Block Indicator?
Find a simple trading strategy below:
- A buy signal is provided when the candle closes above the high of the yellow colored S & R block.
- Open a long trade and place a stop loss below the yellow colored block.
- Exit the buy trade for a minimal risk-to-reward ratio of 2.5.
- Alternatively, await a sell signal before closing the buy position.
- A sell signal is provided when the candle closes below the low of the yellow colored S & R block.
- Open a short trade and place a stop loss above the yellow colored block.
- Exit the sell trade for a minimal risk-to-reward ratio of 2.5.
- Alternatively, await a buy signal before closing the sell position.
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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 SR_Cloud.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 on the open chart with your right mouse button
- To access the indicator list, simply open the dropdown menu and select it
- Click on properties
- Now you can edit the inputs, colors, levels, scale, and visualization
- Finally, click the OK button to save the new configuration