The Trend Signals V2 Forex indicator designed for Metatrader 5 is a well-known tool for generating buy and sell signals based on a unique trend trading strategy.
This indicator monitors market sentiment in real time and provides accurate signals, minimizing false indications, particularly in trending market conditions.
How does it function?
- The blue colored line generates a buy signal.
- The red colored line generates a sell signal.
For short-term traders focusing on M1/M5 time frames:
It is recommended to utilize the indicator during the London and New York trading sessions due to the increased market volatility.
The indicator offers various customizable features, including line colors, styles, and indicator periods.
To gain confidence in the effectiveness of the Trend Signals V2 Forex indicator, it is advisable to first test it on a demo account for an extended period.
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Chart Example
The following picture shows what the Trend Signals V2 Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs Utilizing The Trend Signals V2 Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is given when the blue colored Trend V2 line gets plotted on the chart.
- Open a long trade and set a protective stop loss below the previous swing low region.
- Exit the buy trade for a potential reward-to-risk ratio of 2.0.
- Optional: close and reverse the buy trade when the red colored signal line appears in the chart.
Sell Signal
- A sell signal is given when the red colored Trend V2 line gets printed on the chart.
- Open a short trade and place a protective stop loss above the previous swing high zone.
- Exit the sell trade for a potential reward-to-risk ratio of 2.0.
- Optional: close and reverse the sell trade when the blue colored signal line appears in 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 gaus_ma.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