The Daily Turning Point indicator designed for Metatrader 5 is a simple to use buy/sell trend trading tool based on the daily time frame.
The indicator gets displayed in the price chart as a yellow colored line that provides bullish and bearish market sentiment.
How to use the Daily Turning Point indicator to your advantage?
- A candle close above the yellow colored line indicates bullish market sentiment.
- A candle close below the yellow colored line suggests bearish market sentiment.
The indicator contains the following inputs and parameters: horizontal shift, and vertical shift.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
The indicator can be used independently as a simple tool for buying and selling currency pairs, or in combination with an overbought/oversold oscillator to precisely identify trade entry points.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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dailyturnpoint.mq5 Indicator (MT5)
Chart Example
The picture below shows how the Daily Turning Point indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Daily Turning Point Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is triggered when the candle has closed above the colored yellow daily turning point line (see chart example above).
- Place a protective stop loss slightly below medium-term support.
- Close the buy trade for a predetermined pips target, or wait for a candle close below the daily turning point line (bearish trend reversal signal).
Sell Signal
- A sell signal is triggered when the candle has closed below the colored yellow daily turning point line.
- Place a protective stop loss slightly above medium-term resistance.
- Exit the sell trade for a predetermined pips target, or wait for a candle close above the daily turning point line (bullish trend reversal signal).
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dailyturnpoint.mq5 Indicator (MT5)
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 dailyturnpoint.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