The Forex Market Mode Signal indicator for Metatrader 5 forecasts market trends and works well for scalpers and day traders.
The indicator is displayed in a bottom chart window as a green/gray/red colored line that provides future market direction.
Typically, we aim for 10-30 pips profit per trade with the Market Mode indicator.
How to spot short-term bullish and bearish market trends with it?
- The green signal line indicates a bullish market trend.
- The red signal line indicates a bearish market trend.
- The gray signal line indicates a sideways market trend.
The following indicator inputs and parameters can be modified: period, delta, fraction, and price.
The Forex Market Mode Signal indicator is lightweight, non-repaint, and does not slow down the Metatrader 5 platform.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames and Forex pairs.
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Market mode.mq5 Indicator (MT5)
Chart Example
The following chart shows what the Forex Market Mode Signal indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Forex Market Mode Signal Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal occurs as soon as the green colored line appears in the bottom chart.
- Open a buy trade and place your stop loss 3 pips below immediate support.
- Close the buy trade for 10-30 pips profit, or wait for a sell signal.
Sell Signal
- A sell signal occurs as soon as the red colored line appears in the bottom chart.
- Open a sell trade and place your stop loss 3 pips above immediate resistance.
- Close the sell trade for 10-30 pips profit, or wait for a buy signal.
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Market mode.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 Market mode.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