The LBR Paint Bars Forex indicator for Metatrader 5 follows the trend and delivers accurate buy and sell trade entry signals on the price chart.
The indicator pops up in the price chart as green and red colored candlesticks + trend cloud (green + red).
The simple trade logic goes as follows:
- A green colored cloud represents a bull trend.
- A red colored cloud represents a bear trend.
The following indicator inputs and parameters can be modified: factor, ATR period, HL period, and color candles.
Tip: The indicator works the best on the major and minor currency pairs. Avoid the exotic big spread pairs.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period.
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LBR_Paint_Bars.mq5 Indicator (MT5)
Chart Example
The following chart shows what the LBR Paint Bars indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The LBR Paint Bars Forex Indicator?
Find a simple trading example below:
Buy Signal
- A new buy signal occurs when the green colored LBR trend cloud gets displayed in the price chart.
- Execute a buy trade and set your protective stop loss below the green colored LBR trend cloud.
- Close the buy trade for a risk/reward ratio of at least 1, or wait for a sell signal.
Sell Signal
- A new sell signal occurs when the red colored LBR trend cloud gets displayed in the price chart (see chart above).
- Execute a sell trade and set your protective stop loss above the red colored LBR trend cloud.
- Close the sell trade for a risk/reward ratio of at least 1, or wait for a buy signal.
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LBR_Paint_Bars.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 LBR_Paint_Bars.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