The Signals Dots Metatrader 5 forex indicator is based on an indicator designed by TrendLaboratory in 2006.
It displays the direction of the current trend by planting colored dots on the activity chart.
The color scheme representation of the indicator allows the red to depict bearish and the blue to show bullish signals respectively.
The calculation for the Signal Dots Metatrader 5 indicator are not dependent on the standard indicators.
Instead the calculation is dependent on cosine of a price change degree.
Traders can decide on setting up different input parameters for this indicator to suit their preference.
The EUR/JPY M5 chart below displays the signals dots Metatrader 5 forex indicator in action
Basic Trading Signals
Buy Signal: Go long when the blue dots of the signals dots Metatrader 5 custom forex indicator gets aligned slightly below the candlesticks.
Sell Signal: Go short when the red dots of the signals dots Metatrader 5 custom forex indicator gets placed somewhat above the candlesticks.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a red dot of the signals dots MT5 fx custom indicator pops up on the activity chart.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, a blue dot of the signals dots MT5 fx custom indicator pops up on the price chart.
Tips: The signals dots Metatrader 5 forex indicator is suitable for scalping, and as such should be blended into a profitable scalping system.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: 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 dots.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)