The White Dragon Forex indicator for Metatrader 5 draws interesting colored buy and sell blocks on the chart acting as buy and sell signals.
A green colored block serves as a bullish signal, while a magenta colored block represents a bearish signal.
The indicator never repaints the colored blocks and can be used by anyone, regardless of trading experience.
You have the flexibility to customize inputs and parameters such as the chart period and colors according to your preferences.
This indicator is compatible with all trading instruments available on the MT5 charting platform.
Here are some scalping tips to consider while utilizing the White Dragon indicator:
- To minimize trading costs, apply the White Dragon indicator to currency pairs with lower spreads.
- Focus your trading activities during the London and New York trading sessions.
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The picture below illustrates the visual appearance of the White Dragon Forex indicator when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The White Dragon Forex Indicator?
Find a simple trading strategy below:
- A buy signal is provided when the green colored White Dragon block gets displayed on the price chart.
- Open a long trade and place a stop loss below the previous swing low region.
- Exit the buy trade for a minimal risk to reward ratio of 1.5.
- Alternatively, exit the buy trade for a fixed pips profit target that suits your preference.
- A sell signal is generated when the magenta colored White Dragon block gets displayed on the price chart.
- Open a short trade and place a stop loss above the previous swing high zone.
- Close the sell trade for a minimal risk to reward ratio of 1.5.
- Alternatively, exit the sell trade for a fixed pips profit target that suits 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 prevdayandfloatingpivot_htf.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
- 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