The Brain Trend 2 Metatrader 5 forex indicator is a technical tool that determines market trends, and this is achieved by assigning colors to the candlesticks in view of the generally trend direction.
The algorithm that defines the Brain Trend2 forex indicator is based on the processing of ATR and Stochastic Oscillator technical indicators’ data.
Its entire algorithmic variables that can be measured are extracted into the indicator’s input parameters, in a bid to put them to use not only with the default settings.
Furthermore, all candlesticks are painted magenta when the market is in a downtrend, while market uptrend are visible when the candlesticks are colored lime.
Free Download
Download the “braintrend2.ex5” MT5 indicator
Example Chart
The EUR/JPY H1 chart below displays the Brain Trend2 Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the Brain Trend 2 MT5 forex indicator puts on display lime colored candlesticks.
Sell Signal: Go short when the Brain Trend 2 MT5 forex indicator put on display magenta colored candlesticks.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, a magenta colored candlestick of the Brain Trend 2 MT5 forex indicator pops up on the activity chart.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, a lime colored candlestick of the Brain Trend 2 MT5 forex indicator gets put on display.
Tips: Traders can tell where the overall market trend is driving at when using the Brain Trend 2 trading indicator, and adjusting timeframes will tweak forecast in favor of long or short term analysis.
Download
Download the “braintrend2.ex5” Metatrader 5 indicator
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart pattern indicator
Customization options: Variable (ATR_Period), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend
Installation
Copy and paste the braintrend2.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)