The Silver Trend Signal Metatrader 5 forex indicator is a semaphore signal indicator that generates buy and sell signals via its colored dots system that appear on the activity chart once the indicator gets activated for trading.
The default color of the signal dots are lime and red which are usually aligned somewhat below or above the candlesticks in that order.
The indicator performs pretty well in determining the probable direction of the market and performs best in a trending market.
Use it for scalping, day trading and swing trading purposes.
Combine with momentum and/or volatility technical indicators to increase its profitability.
The UDSD/JPY H1 chart below displays the Silver Trend Signal Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the lime colored signal dot of the Silver Trend Signal Metatrader 5 forex indicator gets placed slightly below the candlesticks.
Sell Signal: Go short when the red colored signal dot of the Silver Trend Signal Metatrader 5 forex indicator gets aligned somewhat above the price bars.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the red colored signal dot of the Silver Trend Signal indicator pops up.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the lime colored signal dot of the Silver Trend Signal indicator gets put on display within the activity chart.
Tips: The Silver Trend Signal indicator has a predictable signal system that makes it easy for users to quickly spot when to buy or sell a designated forex pair.
It is in this light that we recommend the addition of other technical indicators like the Bollinger Bands and/or Momentum indicators to further increase your winning rate.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (RISK, NumberofAlerts), 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 silvertrend_signal.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)