The super Bykov Forex Alert indicator for Metatrader 5 is based on the Bykov trading method and delivers accurate buy/sell signal to traders.
The indicator is visually represented on the price chart as alternating buy and sell arrows.
To determine market trends using this signal indicator, follow the simple trade logic below:
- A green alert arrow indicates the start of a bullish market.
- A magenta alert arrow indicates the start of a bearish market.
You have the flexibility to adjust the following indicator inputs and parameters: risk, SSP, and arrow colors.
Tip for scalpers and intraday traders focusing on the 1-minute and 5-minute charts:
It is recommended to utilize the super Bykov Forex Alert indicator during the London and New York trading sessions for best trading results.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
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The picture below shows how the super Bykov Forex Alert indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Super Bykov Forex Alert Indicator?
Find a simple trading example below:
- A buy signal is given when the green colored Bykov alert arrow appears on the chart.
- Open a buy market order and place a stop loss order below the most recent support area.
- Reverse the buy trade when the magenta colored bearish arrow gets displayed in the chart.
- Optional: close the buy trade for a fixed profit target of your preference.
- A sell signal is given when the magenta colored Bykov alert arrow appears on the chart.
- Open a sell market order and place a stop loss order above the most recent resistance area.
- Reverse the sell trade when the green colored bullish arrow gets displayed in the chart.
- Optional: close the sell trade for a fixed profit target of your preference.
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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 bykovtrend.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