The Super Beginner Forex Signal indicator for Metatrader 5 provides solid buy and sell trade recommendations to beginners and seasoned traders.
Essentially, the indicator analyses the price chart and generates a colored blue or pink signal dot indicating whether it’s time to buy or sell the currency pair in question.
How to utilize the Super Beginner indicator?
- A blue colored signal dot creates a buy signal.
- A pink colored signal dot creates a sell signal.
The indicator contains the following inputs and parameters: shift, and period.
Please make yourself familiar with this technical indicator and test it first on a demo account before applying it to a live account.
Tip: you can combine the Forex beginner indicator with other technical analysis tools and techniques to increase the probability of successful trades.
It supports all time frames and Forex pairs.
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Chart Example
The following picture shows how the Super Beginner Forex Signal indicator looks when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Super Beginner Signal Indicator?
Find a simple trading strategy below:
Buy Signal
- The blue colored dot signals a buy trade.
- Initiate a buy transaction and place a protective stop below the previous swing low region.
- Exit the buy trade for a fixed pip profit target (for instance, +20 pips on the 5-minute chart).
- Optional: hold the buy trade until a sell signal gets displayed on the chart.
Sell Signal
- The pink colored dot signals a sell trade.
- Initiate a sell transaction and place a protective stop above the previous swing high zone.
- Exit the sell trade for a fixed pip profit target (for instance, +50 pips on the 1-hour chart).
- Optional: hold the sell trade until a buy signal gets displayed on the chart.
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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 beginner.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