The Super Trend Dot Metatrader 5 forex indicator is an enhanced version of the renowned Supertrend custom indicator developed by Olivier Seban.
As a trend detector, the MT5 indicator replaces lines with dots that allows the display of previously hidden one-bar change of direction.
There are two key input parameters that are available on the Super Trend Dot forex indicator:
- Period – defines the calculation period
- Multiplier – defines the value for the ATR weight multiplier
The dots are colored red or green by default, as well being aligned above and below the candlesticks respectively.
The EUR/CAD M30 chart below displays the Super Trend Dot Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the green colored dots of the indicator get aligned below the candlesticks.
Sell Signal: Go short when the red colored dots of the indicator get aligned above the candlesticks.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a red colored dot of the SuperTrend Dot MT5 forex indicator pops up on the activity chart.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, a green colored dot of the SuperTrend Dot MT5 forex indicator pops up on the chart window.
Tips: Scalpers can effectively adopt the SuperTrend Dot Metatrader 5 custom forex indicator into their trading strategies.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (Period, Multiplier), 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 SuperTrend_Dot.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)